 |
 |
 |
 |
 |
 |
 |
 |
 |
|
||||
 |
|
|
The following is a summary of recent projects that have been completed. Pownal Tannery - Pownal, Vermont. This project involved approximately 1,200 acres of forestland and a large warehouse located in North Pownal, Vermont. This property was part of the former Pownal Tannery, which operated until the late 1980's. After bankruptcy of the Tannery Pownal Development Corporation acquired the defaulted first mortgages and began a foreclosure process to acquire title to the real estate. After acquiring title the warehouse was rehabilitated with roof repairs, additional loading docks, and expanded doors and was then leased to an industrial user.
Connecticut Printers - Bloomfield, Connecticut. This project consisted of a 186,000 square foot industrial building located in the town of Bloomfield, Connecticut. The prior owners of this building filed bankruptcy and were unable to sell the building due to concerns about environmental contamination in the ground. A significant property tax delinquency had accumulated on the building and Pownal Development Corporation was able to purchase these tax liens for the purpose of acquiring title by tax lien foreclosure. This foreclosure was successful and the property was marketed and sold to a commercial end user.
Belfab Building - Halfmoon, New York. This 20,000 square foot industrial building had been occupied by a business that went bankrupt. Environmental issues in the building consisted of over 200 barrels of solvents and unknown liquids, which kept the first mortgage holder from foreclosing. Pownal Development Corporation assumed the first mortgages, addressed the environmental issues, and foreclosed on the building. Significant building repairs were required before the building could be marketed to an end user. Along with general cleanup the old roof and metal roof decking were removed and a new metal deck and roof installed. General repairs were made throughout the building and the entire inside and outside of the building was cleaned and repainted. This building was then repositioned in the marketplace and sold to an end user that distributes steel.
Northeast Truck Center - Schodack, New York. This site was a vacant 15-acre interstate service center located at Exit B1 on the New York State thruway. Soil on the property was contaminated with petroleum hydrocarbons from leaking underground oil tanks and required remediation. Delinquent property taxes, known environmental issues, and the abandoned status of the property made for a complicated process of acquiring title to the property. Pownal Development Corporation entered an agreement with Rensselaer County that allowed Pownal to remediate the site and market it to an end user. This site was remediated via a voluntary cleanup agreement that was negotiated with New York State DEC.
Mixed use commercial property - Lake Luzerne, New York. This garage and residential apartment building had historically been used as a service station, and fuel tanks remained in the ground. Warren County was the prior owner and a conveyance agreement included a commitment by Pownal Development Corporation to remove the underground fuel tanks and perform required environmental remediation. After addressing the environmental issues, general repairs were made on the building which restored it to an attractive and functional asset for the community. This property is now usable and is listed for sale to an end user.
© Copyright 2007, Pownal Development Corporation |
|