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Avison Young advises on the acquisition and redevelopment of a 6,166-acre coal-fired electric station in Texas13 Apr 2021
Former power plant to be remediated and redeveloped by Kentucky-based Charah Solutions
Chicago, IL – Avison Young announced today that the firm advised Louisville, KY-based Charah Solutions on the acquisition of the 6,166-acre Gibbons Creek Steam Electric Station and Reservoir located in Grimes County, TX. The property was acquired by a Charah Solutions subsidiary, Gibbons Creek Environmental Redevelopment Group, LLC (GCERG).
The Avison Young engagement team was led by Development Executive Richard Shields with support from Principal Richard Hanson and Vice President Marissa Rose, who are all based in the firm’s Chicago office, and Principal, Tommy LeBlanc of the Houston office.
“GCERG plans to redevelop the property in an environmentally conscientious manner that will expand economic activity and benefit the surrounding communities through job creation, promotion of industry, support of the tax base, as well as restoring the property to a state that will enable it to be put to its best potential use,” said Scott Reschly, Vice President of Operations for Charah Solutions.
Potential redevelopment uses for the property include solar, battery, and energy storage options which utilize the existing transmission system, maximize the reservoir’s potential, reuse of the vast rail system, and create other industrial uses. GCERG will also work with Texas Commission on Environmental Quality (TCEQ) to complete all environmental remediation required for the property.
“Our Avison Young team is pleased to have advised Charah Solutions on this acquisition and will also be providing real estate advisory services, project management, capital markets and brokerage services to GCERG moving forward,” added Shields. “We will work as an integral member of the team that will oversee the environmental redevelopment and risk transfer agreement to shut-down, decommission and demolish the existing coal-fired power plant, remediate the ash ponds and landfills, and redevelop and market the property.”
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of the Canada' s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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