Buchanan Ingersoll & Rooney shareholders recently completed successful negotiations on behalf of client Waste Management of New Jersey, Inc., for the redevelopment of 49 acres of the former PJP Landfill site in Jersey City, N.J.
From start to finish, the deal was completed in approximately 18 months, and it involved complex negotiations and agreements with multiple parties, including the developer AMB Property LP and the New Jersey Department of Environmental Protection.
AMB Property LP will construct an 878,000-sq-ft distribution center on 49 acres of the former PJP Landfill. The facility will serve the ports of New York and New Jersey.
The site, which was added to the federal National Priorities List, or Superfund, in 1983, was actually owned by the Archdiocese of Newark, but Waste Management had assumed responsibilities for site remediation.
"This was a unique development deal in that our client team seized an opportunity to substitute redevelopment for remediation on environmentally impaired property that it did not own. The big winners are the citizens of Jersey City who economically benefit from Waste Management's commitment to protecting the environment and supporting sustainable brownfield redevelopment," lead attorney James O’Toole, Jr. said.
Source: Buchanan, Ingersoll & Rooney