DTE Energy finalizes sale of historic Marysville Power Plant to Commercial Development Company
MARYSVILLE, Mich., May 27, 2014 /PRNewswire/ -- DTE Energy completed its sale of the historic Marysville Power Plant to Commercial Development Company, a firm specializing in industrial brownfield work.
The Marysville Power Plant – also known as the "Mighty Marysville" – operated from 1922 until 2001, employing as many 250 people at its peak. It was released for decommissioning in 2011. The plant, which sits on a 20-acre site along the St. Clair River, generated about 167 megawatts of electricity when operations ceased.
"DTE Energy has worked diligently to ensure that the sale of this important property is in the City of Marysville's best interest for future development," said Dave Meador, DTE vice chairman and chief administrative officer. "We are excited about the site's potential reuse and are confident that Commercial Development Company will prepare the property to become a vibrant part of the community."
DTE announced the preliminary agreement with Commercial Development Company in December; the deal was finalized Friday.
Financial terms of the deal weren't disclosed.
St. Louis, Mo.-based Commercial Development Co. has completed its due diligence and is ready to begin the first phase of the cleanup, starting on the inside of the buildings. The company expects the site will be ready for development in about 18 months.
"We are profoundly pleased to have the opportunity to invest in the Marysville community. We are attracted to Marysville's strong history of industry and its strategic proximity to the St. Clair River and the U.S.-Canadian border," said Randall Jostes, CEO, Commercial Development Company. "In the days ahead we will be meeting with city officials, the community and other stakeholders in order to develop a vibrant roadmap concerning the future of the site."
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include DTE Electric, an electric utility serving 2.1 million customers in Southeastern Michigan, DTE Gas, a natural gas utility serving 1.2 million customers in Michigan and other non-utility, energy businesses focused on gas storage and pipelines, power and industrial projects, and energy trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
Commercial Development Company, Inc., headquartered in St. Louis, Mo., is a privately-held, diversified real estate acquisition and development firm whose principal competency lies within the acquisition, repositioning, and redevelopment of underutilized, distressed or environmentally challenged properties. CDC's North American acquisition and redevelopment portfolio includes 48-million-square feet under roof located on 254 sites throughout 39 states and Canadian provinces. Information is available at www.cdcco.com.
SOURCE DTE Energy