EFG-CLERMONT TERRACE, LLC SECURES FORMER NATIONAL ENVELOPE CORPORATION SITE FOR REDEVELOPMENT
Property Closing Clears Way for Demolition Activity
April 17, 2013
The latest chapter in a major Union Township, New Jersey redevelopment project is being written with the sale of the former National Envelope Corporation facility to EFG-Clermont Terrace, LLC, an EnviroFinance® Group company doing business in New Jersey. EFG-Clermont Terrace, LLC (EFG-CT) intends to change the nature of the site with the creation of a vibrant residential community.
The approximately 15-acre property was sold by the estate of the bankrupt National Envelope Company – East. Terms were not disclosed. NEC Holdings Corp. declared bankruptcy under Chapter 11 of the bankruptcy code on June 10, 2010, and later converted to a Chapter 7 case on December 13, 2011.
“This is a remarkable opportunity to make excellent reuse of a site in a manner that complements the existing residential character of the neighborhood and takes advantage of the nearby transit options ,” said Mike McMullen, an executive vice president with EFG-CT.
McMullen said EFG-CT has been working with Union Township and elected officials over the past year to settle upon a design scheme that will include a variety of for-sale and rental housing opportunities. The proximity to the New Jersey Transit’s Union train station, less than a mile to the east, also adds to the site’s accessibility.
EnviroFinance Group, LLC and its affiliated companies have a proven track record of redeveloping once challenging sites into more successful new and thriving locales, with representative projects such as the Richard P. Kane Wetland Mitigation Bank in the Carlstadt, New Jersey, and additional environmental remediation projects currently being developed in California, Colorado and Maine.
Planning for the three month-long demolition process is underway. Remediation of environmental conditions that resulted from the property’s industrial legacy will proceed concurrently.
“A construction fence and video security system will be installed shortly,” said Chris Miller, EFG’s vice president of environmental management. Miller, who will supervise the demolition, said salvage of re-usable building materials is a priority as part of the company’s overall approach to sustainable redevelopment practices.
EFG-CT has received intense interest from a number of builders and developers, with experience in housing that ranges from apartments and condominiums, to townhouses and single-family homes. Over the next few months it expects to have contracts for specific parcels so that the potential builders can obtain planning approvals and building permits.
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About EnviroFinance® Group:
EnviroFinance Group, LLC (EFG) is a land redevelopment company that acquires, remediates and repurposes environmentally impaired real estate across the United States. The firm is unique in its ability to combine significant capital resources, regulatory and technical knowhow, risk management and land planning expertise to promote socially responsible development and sustainable land use. For more information please visit www.envirofinancegroup.com