Commercial Development Company prepares site for potential development as Indiana’s fourth port
Commercial Development Company Inc. (CDC), a leading North American commercial real estate and brownfield redevelopment company and its affiliate company, Environmental Liability Transfer, Inc. (ELT), announced the acquisition of a 725-acre retired coal-fired power plant from Indiana Michigan Power (I&M), a unit of American Electric Power (AEP). CDC and ELT have assumed responsibility for environmental liabilities associated with the site.
CDC will now reposition the Tanners Creek power plant and develop a market-ready plan to return the retired industrial asset to productive use and create new jobs for the community and surrounding area. CDC has received tremendous support for this ownership transfer and for the future redevelopment of the site from local and state leadership.
Earlier this month, the Ports of Indiana identified the retired power plant site as a favorable location for development of the state’s fourth port. CDC is currently working closely with the Ports of Indiana to determine the logistical viability of developing a port at this location. CDC has further committed that the Ports of Indiana will have the exclusive opportunity to investigate the site for port development.
During Indiana’s 2016 State of the State address, Governor Mike Pence urged the Ports of Indiana to “vigorously explore the building of a fourth port in the far southeastern part of our state, which could unleash enormous economic investment throughout the southeast region of our state.”
“We have identified the retired Lawrenceburg power plant as a potential site for future port development and we could not have gotten to this point without the support and assistance from AEP and CDC,” said Rich Cooper, CEO for the Ports of Indiana. “CDC has tremendous experience with redevelopment and remediation projects which, coupled with our team’s maritime and logistical expertise, creates a unique opportunity to pursue development of a port at this location. It’s too early to say what can be constructed, but we’re excited to have the exclusive right to further investigate this site with CDC. We’ve already had inquiries from companies that may have interest in locating or shipping products at this site, which is definitely encouraging for future development.”
“Pursuing the development of a new port in southeast Indiana will help drive growth for our 21st Century agriculture and advanced manufacturing sectors and attract continued business investment to our state,” said Lt. Governor Eric Holcomb. “The Ohio River has always provided strategic advantages for this region and Indiana has a strong record of leveraging our transportation assets into economic strength.”
The Tanners Creek power plant is located in Lawrenceburg, Indiana at the intersection of three Midwest states: Kentucky, Ohio and Indiana. The site has direct riverfront access to the Ohio River, connections to highway and rail, and is located within close proximity to major hub cities such as Cincinnati, Louisville, Columbus and Indianapolis. These attributes represent a strategic opportunity for port and logistics-related development activity.