Brownfields Projects

Morris Canal Redevelopment
A GreenVest entity contracted to purchase a 2/3 acre site located in the historic Bergen-Lafayette area of Jersey City during the Fall of 2005. The site contained an active large vehicle servicing station and considerable soil contamination associated with this former use. The site is situated in the Morris Canal Redevelopment Plan Area approximately two blocks from the Liberty State Park Hudson Bergen Light Rail (HBLRT) station. The Redevelopment Plan was ratified in 1999 and relegated this site and many others to 2-family zoning.

The purchase contract stipulated that a municipal rezone and receipt of an approved remedial action work plan from the NJDEP were conditions precedent to closing. An amendment to the Morris Canal Redevelopment Plan for a Transit Oriented Development (TOD) at a density of 119 units per acre was negotiated. GreenVest drafted the proposed changes to the redevelopment plan and ushered them through the City Council and Planning Board receiving unanimous votes by both to approve the 5-story 72 unit project. GreenVest also received an approval on the remedial action work plan from NJDEP.

GV secured a contract purchaser in keeping with our exit strategy to close on the property and complete the vertical portion or build out of the project through a contract developer.

Manheim, Pennsylvania
This redevelopment project was commenced in 2002 and completed in 2006. Over 680,000 square feet of improvements in 30 different structures on 94 acres including an EPA sanctioned closed landfill offered many challenges. GreenVest led the team that implemented Act2 cleanup liability protection under the Pennsylvania Environmental Cleanup program. Solvent impacted groundwater as well as historical asbestos manufacturing products and storage tank releases were the subject of the Act 2 Land Recycling Process.
                                          
96% of the improvements have been resold, the Act 2 process is successfully completed and the property designated a Keystone Opportunity Zone leading to incentives to lease and sell space.
                                           
GreenVest retains an interest in 13 remaining acres but otherwise completed this project efficiently and profitably.

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Jessup Rd., West Deptford Township, New Jersey
This 3.6 acre lot contains two buildings each comprised of approximately 6,500 feet with room for a third. GreenVest has entered into a site remediation agreement with the New Jersey Department Environmental Protection Office of Site Remediation after completing 4 years of ground water monitoring and eliminating one by one, the areas of concern. Applications are pending for subdivision of the parcel the result of which will allow the sale of individual buildings on individual lots. One building has been rented for the duration of ownership as well as a parking lot for adjacent truck terminal use.

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Willingborough Plaza, Willingborough, New Jersey
Willingborough Plaza was a 32 acre abandoned and defunct 45 year old retail plaza. The site had been boarded up and fenced off. There was impacted and untreated groundwater discharges from a underground tanks located within a defunct auto repair facility.The State through the Hazardous Discharge Site Remediation Fund assisted GreenVest as an adviser and investor along with the municipality in the investigation and assessment of this qualified Brownfield site. The grant allowed access up to $2 million per year to identify the extent of contamination. This program excluded any costs for actual remediation. The Unsafe Building Demolition Fund provided for the demolition of existing unsafe buildings and disposal of debris resulting from the redevelopment initiative. USEPA also piloted a grant of up to $200,000 annually to be used as seed money to help assess contamination. Bond financing through the New Jersey Economic Development Authority eventually resulted in the successful redevelopment of the site as a mixed office retail project.

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