Brownfields Redevelopment in the Ohio Valley

  • 413 views
Uploaded on

Case study of Brownfield redevelopment in Wheeling, West Virginia region.

Case study of Brownfield redevelopment in Wheeling, West Virginia region.

More in: Business , Technology
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Be the first to comment
    Be the first to like this
No Downloads

Views

Total Views
413
On Slideshare
0
From Embeds
0
Number of Embeds
0

Actions

Shares
Downloads
0
Comments
0
Likes
0

Embeds 0

No embeds

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
    No notes for slide

Transcript

  • 1. Managing Risk in West Virginia Regional Economic Development Partnership PO Box 1029 Wheeling, WV 26003 304-232-7722 / 232-7727 www.redp.org
  • 2. Regional Economic Development Partnership
    • Private non-profit development corporation
    • Established 1961
    • Mission to create jobs and stimulate the local economy
    • Manage 894,945 sq.ft. of real estate, and over 117 acres of land
  • 3. Wheeling Experience: 1990
    • Rich Industrial Heritage
    • Many former sites with potential for redevelopment
    • Little track record of reuse
    • Limited new development sites
  • 4.
    • Media
    • Financial
    • Legal
    • Government
    • Business
    • Utilities
    • Economic Development
    • Industry
    • Education
    • Health Care
    • Environmental
    • Historic Preservation
    • Neighborhood and Community Groups
  • 5.
    • #1: Find partners with common goals
  • 6. Results of 1998 Pilot
  • 7. Benefits of 1998 Pilot
    • Employment in 1977: 2,092
    • Employment in 1995: 130
    • Employment in 1999: 0
    • Employment in 2006: 750
  • 8.
    • #2: Government needed to take some initial risk.
  • 9. RED Buildings / Properties
    • Wheeling Machine Roll Shop (2000) Wheeling
    • Purchased by RED, redeveloped as multi-tenant building.
    • Home to 7 companies, including 3 Environmental Businesses.
  • 10.
    • #3: Attorneys can be your friends-hire one with environmental experience
  • 11. RED Buildings / Properties
    • Marshall County Industrial Park-Phase I (1994) McMechen
      • 14 acres
    • Marshall County Industrial Park-Phase II (1998) Benwood
      • 40 acres
      • WV Voluntary Remediation Program 2004
  • 12.
    • # 4: Hire a good consultant-they do this every day-you don’t.
  • 13. RED Buildings / Properties
    • Wheeling Stamping Associates LP- (2001)
      • 88,000 sq.ft. industrial building renovated
        • $10 Million in improvements
        • $2 Million in acquisition and demolition
      • Leased to Orrick, Herrington, Sutcliffe – 10 year lease
        • Global Operations Center for the international law firm
        • Information technology & accounting positions
        • 250 employees: avg. salary $37,000 +benefits
    Stamping Before Stamping Finished
  • 14. Wheeling Stamping Building
    • Built between 1890 and 1905 by the Nail City Lantern Company
    • Four stories with a total of 88,000 square feet
    • Unknown Environmental Condition
  • 15.  
  • 16.  
  • 17.  
  • 18.  
  • 19. Results:
    • Orrick productivity increase
    • Serving the customer better
    • Saving over $5 million per year
    • Quality jobs created
  • 20.
    • #5: Just because it is empty or abandoned doesn't mean it can’t be re-used.
  • 21. RED Buildings / Properties
    • Stone Center @ Market Plaza (2006)
    • Former Stone and Thomas department store
    • Acquired December 2004
    • 180,000 Sq. Ft. building
    • 22,000 Sq. Ft. per floor
    • $8,400,000 Renovation
    • Target market: High-end back office / Shared Services
    • Below market lease rates
  • 22. The Stone Center @ Market Plaza Williams Lea: The leading global provider of Corporate Information Solutions
  • 23.
    • #6 Quantify and Manage the risk and the additional cost-it is part of the project.
  • 24. Formula for Success
    • Communication
    • Long Term Partnership
    • Build on past success
    • Banks comfortable with project
    • Community Involvement and Support for Brownfield Redevelopment
    • Job Creation
    • Creativity
    • Patience
    • Persistence