Socony Refinery, Olean, NY

Vita Nuova advised a private responsible party and owner of a 78-acre former refinery in the repositioning and disposition of the property that was of significant interest to the City of Olean. Vita Nuova interviewed key stakeholders, worked with the mayor and key staff to determine the best course of action. The site had been idle for 15 years but was the largest undeveloped piece of land in the city.

In order to understand options for revitalization, Vita Nuova first conducted a reuse assessment which included opportunities and constraints, market analysis and review of environmental conditions. The results were that there was a market for the property. Vita Nuova identified several potential reuse options in the process.

Working with the property owner, VN advised entering the site into the BCP program, conducted site investigations and performed demolitions to prepare the property for disposition. Once done, Vita Nuova was asked to administer a structured disposition process, seeking experienced developers that would take over the cleanup and redevelopment. After significant review and negotiation, Vita Nuova supported the disposition of the property to a regional developer and environmental consultant who formed a joint venture to redevelop the property.

The property is actively being cleaned and redeveloped as part of the BCP program into a multi-use site with a hotel, commercial and retail uses as well as a commercial solar array whose power is being purchased by St. Bonaventure College.

Vita Nuova managed a complex site and process to help our purchase, cleanup and redevelopment of the property. Their expert facilitation made a complex brownfields redevelopment transaction possible on a site that had sat idle for many years.

– Paul Neureter, President, Krog Corporation