Claymont, DE – D2 Management, a leading real estate development and investment firm, has announced that Delaware Governor John Carney signed House Bill 190 into law, paving the way for a new era of industrial development along the Delaware coastline. The bill allows D2 Management, through its affiliate Drawbridge Claymont, LLC, to begin the redevelopment of the former General Chemical site in Claymont, DE. The site is one of 14 industrial areas impacted by the legislation.
The bill signing ceremony included remarks from Keith J. Delaney, President, D2 Management; State Rep. Ed Osienski, D-Newark, who authored the bill; State Sen. Bryan Townsend, D-Newark, the bill's lead sponsor in the Senate; and Shawn Garvin, Secretary of the Department of Natural Resources and Environmental Control.
House Bill 190 signifies the first major change to the 1971 Coastal Zone Act, which restricted industrial use along the Delaware coastline. The legislation clears the way for responsible redevelopment of 14 legacy industrial sites, which will help facilitate new job creation and additional environmental clean-up of those sites. It is lawmakers’ first step toward reducing the $350 million budget deficit and tackling a steady decline in manufacturing jobs in the region.
"At D2, we’ve always known the site had great potential but we needed this legislation to attract larger industrial tenants,” said Keith Delaney, President, D2 Management. “The passage of this bill is a transformative first step toward revitalizing Delaware’s manufacturing industry and creating many new construction and permanent jobs in the region. We thank the Governor and the legislators for their tremendous vision and support.”
“This spring, I urged members of the General Assembly to make responsible changes to the Coastal Zone Act that would allow us to create new jobs, while continuing to protect our environment. The responsible changes in this bill meet that test,” said Governor Carney. “By passing this legislation, the General Assembly recognized that we can clean up our abandoned industrial sites, responsibly redevelop them, and put them back to work for Delawareans. This new law will help create good-paying jobs, and help us ensure that Delaware's economy works for all Delawareans.”
Originally built 1915, the General Chemical Corporation site was expanded and modernized through 1980 until officially closed in November 2003. Chemtrade Logistics Income Fund (TSX: CHE.UN) (“Chemtrade”) later acquired General Chemical Holding Company (“General Chemical”) and took ownership on the site. In November 2015, D2 Management, through an affiliate, acquired the entire 71+ acre Chemtrade property, which includes a freight rail road and a ±750 foot pier/docking facility with four mooring dolphins.
D2 Management plans to resume the property’s use for heavy industry, with construction already underway at parts of the site. In May 2017, D2 began construction on a 13 acre railyard for Braskem America, the largest petrochemical company in the Americas, to service their plant in Marcus Hook, PA.
“We’re thrilled with the level of response we have received already from potential tenants and we will begin an aggressive marketing campaign immediately,” added Delaney.
About D2 Management
D2 Management is a real estate development, transaction advisory and investment firm with a diverse portfolio of assets that includes industrial and mixed-use office space. D2 specializes in the redevelopment, remediation, and monetization of excess, obsolete, and environmentally challenged properties. We excel in implementing real estate development and capital strategies on the most complex real estate-related transactions. For more information, please visit www.d2mgmt.net.