restoration and redevelopment of the former durango paper ...bridge associates appointed as...
TRANSCRIPT
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Restoration and Redevelopment of the Former Durango Paper Mill Site
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Durango Site Overview and HistoryDurango-Georgia BankruptcyLandMar Group OverviewThe Durango ChallengeEnvironmental ChallengesLandMar’s VisionConclusion
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St. Mary’s, Georgia
General Location
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Aerial View of Durango Site, St. Mary’s, Georgia, and Atlantic Ocean
Durango Paper
St. Mary’s
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Historic St. Mary’s
The St. Mary’s Ferry Travels to Cumberland Island
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Durango-Georgia Paper Mill
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Formerly Known as Gilman Paper
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Background
Produced pulp, paper, multi-wall shopping bags, bleached paperboard, and specialty packaging900 employees at one timeCapacity to produce 410,000 tons of paper products annuallyPurchased by Durango Corporation in 1999Ceased operations on October 2002Idle since that time
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Historical Photo
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Durango Site Overview and HistoryDurango-Georgia BankruptcyLandMar OverviewThe Durango Paper ChallengeEnvironmental ChallengesLandMar’s VisionConclusion
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Involuntary Chapter 7 bankruptcy--$800 million debtBridge Associates appointed as Liquidating TrusteeSale of assets, including plant site and surrounding propertiesAuction of property and equipment on December 6, 2005Widespread interest in property and equipment
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Impact on St. Mary’s, GeorgiaDurango was Camden County’s largest private employer for 61 years900 mill workers unemployed, 2000 other jobs possibly impacted
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Durango Site Overview and HistoryDurango-Georgia BankruptcyLandMar Group OverviewThe Durango ChallengeEnvironmental ChallengesLandMar’s VisionConclusion
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LandMar Group Wins Bid
• LandMar offers the winning bid for 725 acre site
• $36.5 million all-cash, payable over 3 years with 8% interest
• Court approved sale December 19, 2005
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Who is LandMar?
Experienced developer of communities in Coastal Georgia and FloridaFormed in 1987, and in 1999 created strategic alliance with Crescent Resources, LLCRecently developed Osprey Cove in St. MarysCurrently developing dozens of other projects, including the Shipyards project in Jacksonville
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A few of our communities
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1230 Acres972 HomesMark McCumberSignature CourseAmenity Center
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Durango Site Overview and HistoryDurango-Georgia BankruptcyLandMar Group OverviewThe Durango ChallengeEnvironmental IssuesRedevelopment PlansConclusion
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The Durango Challenge
To redevelop a former pulp & paper mill into a successful mixed-use development while preserving the unique coastal environment
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Wastewater Surface Impoundments
Site Features
Wood Stork Rookery
Clarifier
Landfills
Tri-Gen Facility
Main Facility
Historical River Discharges
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Recent Photos of Plant
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Views of Durango Paper From River
Durango Oil Wharf
Historic Outfall Into River
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Views from the St. Mary’s River
Historical Discharge
Recent
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Equipment at Durango Paper
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Wastewater Treatment Facilities
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Durango Site Overview and HistoryDurango-Georgia BankrupcyLandMar Group OverviewThe Durango ChallengeEnvironmental ChallengesLandMar’s VisionConclusion
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Environmental Challenges
• More than 60 years of heavy industrial use• Potential soil and groundwater impact• On-site landfills• Demolition of existing structures• Protection of endangered species• Protection of fragile coastal ecosystem
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Georgia Voluntary BrownfieldsProgram
Hazardous Site Reuse and Redevelopment ActProgram allows prospective purchasers performing
voluntary cleanups to obtain limitation of liabilityPotential property tax incentives for cleanupAsset Purchase Agreement requires, by April 30, 2006:
No listing on the Hazardous Site InventoryApproval of acceptable Corrective Action Plan for remediation of property under the Brownfieldsprogram
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Environmental Assessment Currently Underway by LandMar Group
Assessment of mill’s ecological impactExtensive soil, groundwater and sediment testingEvaluation of technical options for site clean upCooperation with state, local and federal officials
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Durango Site Overview and HistoryDurango-Georgia BankruptcyLandMar Group OverviewThe Durango ChallengeEnvironmental ChallengeLandMar’s VisionConclusion
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LandMar’s Vision Preliminary
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Old Versus the New
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LandMar’s Vision
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LandMar’s Developments
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St. Mary’s Homes
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Redevelopment Benefits
Improved air quality
Improved water quality
Improved soil quality
Improved landscape
Improved livability
Improved economic vitality
Protection and preservation of
fragile marine ecosystem
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Durango Site Overview and HistoryDurango-Georgia BankrupcyLandMar Group OverviewThe Durango ChallengeEnvironmental ChallengesLandMar’s VisionConclusion
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