NEW YORK The new owners of the Beech Bottom, W.Va., site formerly owned by RG Steel LLC are seeking tenants from the energy industry to repurpose the property, plant and equipment.
"We were originally drawn to the site because of the energy boom in the area, the magnitude of the site and our desire to bring jobs. Its a great opportunity to redevelop the site," said Susan Skros, vice president of marketing and investment relations at Los Angeles-based Hackman Capital Partners LLC.
Hackman Capital purchased the property for redevelopment in conjunction with local partners, Skros said. The firm bought the facility for $4.4 million through a West Virginia company called State Route 2 LLC, according to documents filed in U.S. Bankruptcy Court in Delaware (amm.com, Nov. 26).
Hackman Capital owns the facilitys equipment, while Business Development Corp. of the Northern Panhandle (BDC) owns the land, Skros said.
The site has attracted interest from North American and European companies looking to capitalize on the sites proximity to the Marcellus and Utica shale formations, BDC executive director Patrick Ford told AMM. Some 120 acres have been remediated and are ready for a new tenant, he said. "Were negotiating leases as we speak."
Ford said the property totals 616 acres, which includes the remediated land, a 500,000-square-foot building and a water-treatment facility, making it attractive to companies seeking to serve the natural gas industry.