Tuesday, October 6, 2020 3:15 pm
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NEWBERG, Oregon (News release) -- Commercial Development Company, Inc. (CDC) has acquired the former WestRock retired paper manufacturing facility in Newberg, Oregon. The site was acquired by CDC affiliate Newberg OR LLC. The transaction included the acquisition of real estate assets and a corporate indemnification for legacy environmental liabilities associated with the site. CDC and affiliates will now oversee the sale of equipment and demolition of the buildings.
CDC will look to reposition the site to take advantage of the site's development potential, which includes 120 acres of industrial/mixed land, four acres of multi-family land, and 1.5 acres of commercial land located in an Opportunity Zone and Enterprise Zone.
Initial redevelopment activities will include permitting, removal of universal waste, sale of equipment, and demolition of most of the buildings and infrastructure on site. CDC expects the site to be fully demolished and ready for redevelopment by late 2021.
Following more than 90 years of operations, the 220-acre industrial campus was used to produce paper for newspapers, brown paper bags, and corrugated carboard. The Newberg plant officially closed in January 2016.
CDC will look to reposition the site to take advantage of the site's development potential, which includes 120 acres of industrial/mixed land, four acres of multi-family land, and 1.5 acres of commercial land located in an Opportunity Zone and Enterprise Zone.
Initial redevelopment activities will include permitting, removal of universal waste, sale of equipment, and demolition of most of the buildings and infrastructure on site. CDC expects the site to be fully demolished and ready for redevelopment by late 2021.
Following more than 90 years of operations, the 220-acre industrial campus was used to produce paper for newspapers, brown paper bags, and corrugated carboard. The Newberg plant officially closed in January 2016.