“SWRNA receives first Brownfield Cleanup Program COC in NYCDEC region 7.” New York Real Estate Journal. Oct. 31 — Nov. 6, 2006: 19 B.
S&W Redevelopment of North America, LLC (SWRNA) has received a Certificate of Completion (COC) under NYSDEC’s Brownfield Cleanup Program (BCP) for their property located on Erie Blvd.
SWRNA acquired the property in 2001 through a partnership with the city. The 1.1-acre site, located on a busy commercial section of Erie Blvd., was tax delinquent and had been severely contaminated with petroleum as a result of years of on-site fueling and automotive repair. The city was reluctant to foreclose on the site because of the high probability of environmental liability. The city and SWRNA developed a strategy that allowed the city to foreclose then have SWRNA immediately acquire the property to limit the municipality’s exposure. SWRNA investigated and remediated the property under the BCP using its own capital and is now entertaining development offers for commercial and retail use.
SWRNA’s property represents the first brownfield in NYSDEC’s region seven to receive a COC under the BCP and represents SWRNA’s second COC received this year. SWRNA has received two of the seven COCs issued by NYSDEC to date. SWRNA is slated to receive five additional COCs in 2006, two for properties they currently own, two for properties they have remediated on behalf of developers and one for a manufacturing site.
SWRNA is a brownfield redevelopment company specializing in the acquisition and redevelopment of contaminated property. SWRNA is one of the most frequent users of the BCP and has sites in the program across New York State from the Finger Lakes to Westchester County.