Vita Nuova supported a cleanup and redevelopment project in Buffalo, New York, that transformed a former Standard Oil refinery site into an economic center for the city. Located at 625 Elk Street, the property remained vacant for 30 years until the city and various groups convinced site owner ExxonMobil to move forward with redevelopment.
Krog Group and Renova Partners were selected as developers after Vita Nuova recommended carrying out a Request for Expressions of Interest to attract development teams. Vita Nuova then helped reposition the site for inclusion in New York’s Brownfield Cleanup Program. With a remedial action plan in place, the newly formed Elk Street Commerce Park LLC purchased the site and conducted an extensive cleanup of the property.
We have significant experience helping complete deals with complex issues like these including refineries, chemical plants, power plants and other distressed properties, said Michael Taylor, President of Vita Nuova LLC.
This former oil refinery is becoming a vibrant hub for recreation, industry, and renewable energy in Buffalo, attracting major tenants like golf and entertainment venue ShotClub Social, aluminum processer National Galvanizing, and BQ Energy, which is leading the development of a solar array.
To learn more about Elk Street Commerce Park and its economic opportunities, go here.