Twinsburg -- No new businesses have been named as possible tenants in Cornerstone Business Park since a Houston real estate investment firm purchased the lone building in the industrial complex for $10 million earlier this year, however the city now has better environmental guidance as the cleanup moves forward at the expansive industrial site.
The 56 acres at the former Chrysler Stamping Plant was discussed Feb. 14, with Mayor Katherine Procop, planning and development director Larry Finch, city engineer Amy Mohr and representatives from environmental consulting firm Hall & Associates and owners and developers DiGeronimo Cos. and Scannell Properties meeting at Government Center.
Procop said the meeting centered on ensuring the complex is in compliance with the Clean Ohio Revitalization Fund, from which the city received a $3 million grant last year.
"We were making sure we're in compliance, that was mainly it," Procop said. "As far as just general discussion about future development in the park, there really was none. We hope we get something soon."
City officials and property owners have been consulting with Hall & Associates on the environmental issues at the business park.
"For one thing, there are areas that have to be de-watered," Procop said. "Just a clean-up of the site."
Other cleanup issues include soil contamination and asbestos mitigation, Finch said.
"The office building that's still standing has asbestos," Finch said. "There is some oil-related contamination [in the] soils and some ... contamination near the old substation. There are two oil separation lagoons on site that need to be closed."
Cleanup of the site is expected to run through the summer. Finch said asbestos in the vacant former Chrysler office building will need to be removed prior to demolition, which is projected to take place in late March.
"It's probably going to begin close to the end of March, as soon as we get all our agreements executed, and we're pretty close to that right now," Finch said of the demolition. "They'll first do the asbestos mitigation and once the asbestos is out, then they'll tear the building down."
More than 2 million square feet of industrial land remains, Finch said, with Vistar of Ohio, a food distribution business, inhabiting the lone 137,000-square-foot building on the property.
Tim Elam, of Scannell Properties, said in late January that two companies are actively looking at the property, though no commitments have been made at this point. Representatives from Scannell and Hall & Associates did not return calls seeking comment for this story.
Procop said real estate developer Terry Coyne, who markets the vacant property for the city, has been making contacts with potential buyers.
SDLqI know that [Coyne is] always talking to different industries and making contacts but there's nothing that [he] led me to believe is anywhere near being finalized," Procop said.
The Chrysler Stamping Plant, which made up about 13 percent of Twinsburg's income tax revenue before its closure in 2010, was purchased by a Canadian liquidation company that same year for $45.5 million.
Scannell and DiGeronimo purchased the site from the liquidation company in July 2011.