For every project our mission is to create a thoughtful redevelopment plan that is compatible with the sites condition. We look to repurpose existing infrastructure and buildings and seek to create non-traditional development opportunities Our creative approach to repurposing heavy industrial sites often includes non-traditional development opportunities that aren’t obvious to traditional developers. Examples include; renewable energy development, stream and wetland mitigation projects and conservation easements as well as traditional industrial projects. For every project we work extensively to build goodwill with key stakeholders, communities and regulators. Environmental stewardship is a central theme for every project. We look to restore portions of the site back to its natural state by creating conservation easements, stream / wetland mitigation, and habitat restoration projects.
Environmental Liability Risk Transfer
Legacy environmental contamination is a reality for many shuttered industrial plants and facilities. Environmental conditions often prevents sites from being sold or redeveloped and can drastically complicate mergers and acquisitions.
With Forsite’s Environmental Liability Risk Transfer (Risk Transfer) program, these contingent liabilities can be removed from company’s balance sheets, freeing up capital and allowing them to focus on their core business. Many investors shy away from environmentally impaired properties however Forsite believes these liabilities can be transformed into assets.
For Risk Transfer transactions, Forsite will assume full responsibility from the owner or responsible party for all environmental liabilities or obligations related to the legacy environmental condition of a site. These liabilities can include environmental conditions on or emanating from the site, both known and unknown. We execute new permits and replace any and all financial assurance obligations.
Coal-Fired Power Plants
There are hundreds of coal-fired power plants that have been or will soon be shuttered throughout the US. The fate awaiting many of these plants is demolition and the ultimate management of the legacy environmental conditions, which may include removal of Coal Combustion Residuals (CCR) from impoundments. For the majority of these sites there has been little thought regarding repurposing and redevelopment.
Coal fired power plants have extensive infrastructure including; waste water treatment, water intake/discharge, rail, solid fuel material handling, barge terminals, active air permits and dual power feeds. Much of this infrastructure can be repurposed or repositioned to attract a wide array of clean energy and traditional industrial uses. Additionally, many of these plants have extensive buffer lands where “eco-assets” can be realized including; stream/wetland mitigation projects, conservation easements, energy crop production and others. Forsite has developed a unique expertise that can create “non-traditional” value by reusing or monetizing this infrastructure.
Eco-Industrial Park (EIP)
The abundance of large shuttered industrial plants and the emergence of the clean energy economy has created a unique opportunity to breathe new life into these sites with an Eco-Industrial Park redevelopment plan. Forsite is actively involved in acquiring large, dormant industrial tracts that can be recycled into industrial parks with a major focus on clean energy project development.
Ideal sites for the EIP redevelopment model include large shuttered or underutilized manufacturing complexes of 200+ acres with large buffers. The sites have heavy infrastructure with active permits; rail, trans-loading, central steam plants, onsite power generation, waste-water treatment plants, water intake, dedicated natural gas, heavy electrical interconnect and/or deep water ports access.
We believe the Eco Industrial Park model represents a powerful and trans-formative redevelopment trend that can be duplicated throughout the US. An “industry transformer” that offers substantial upside to the earlier adopters.