Revitalized Industrial Site Enters Final Redevelopment Stage

Revitalized Industrial Site Enters Final Redevelopment Stage

Final Parcels of Former Paper Mill Site in Western Maryland Town of Luke Available for Development

ENFIELD, Conn., Aug. 21, 2023 /PRNewswire/ — The owners of the former Verso Paper Luke Mill site in Western Maryland have prepared the property for redevelopment and are now selling the final two parcels, which include the 55-acre main mill site and the 85-acre Beryl Woodyard.

V Luke, LLC is a consortium of three investment firms which purchased the site in April, 2022 and have since conducted a successful internationally marketed sale of all machinery and equipment from the paper mill, repurposed all usable above-ground assets to other manufacturers and assured that the sites are cleared of all discoverable materials, old structures and debris. After an exhaustive above-ground hazardous materials survey, an environmental clean-up of the site along the north branch of the Potomac River is also underway.

The three investment firms which formed V Luke, LLC include CRG Equity, LLC, Rabin Worldwide and Big Shoulders Capital.

Three parcels have already been sold for alternate industrial use, including the 42-acre Savage Woodyard, a 15-acre parcel with a 200,000 square foot converting facility and a 15-acre multi-use parcel in Piedmont, MD.

During the final phase of redevelopment, the owners will conduct an international marketing campaign to identify the best possible candidates for development. Potential owners will have access to a robust industrial infrastructure including railway access, a high-powered electrical receiving station, on-site freshwater treatment, direct access to wastewater treatment and a multi-million-acre wood basket providing near endless feedstock.

Allegany County economic development director Jeff Barclay alongside Andrew Sargent at the Maryland Department of Commerce and Kevin Clark with Mineral County Development Authority have been outstanding resources for V Luke’s continued efforts to revitalize the idle site and breathe new life into the local economy.

V Luke is locally managed by Glen Gilbert. Additional information from him at 304-813-4831 or by email at [email protected].

Contact: Tom Nicholson, The Nicholson Group, Inc., 212-203-2803

SOURCE CRG; Big Shoulders

Originally published at https://www.prnewswire.com/news-releases/revitalized-industrial-site-enters-final-redevelopment-stage-301905568.html
Images courtesy of https://pixabay.com

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