As previously reported by GlobeSt.com, Cherokee Sugar Land LP, a joint venture between Houston-based WC Perry Land Development LP and Cherokee Investments Partners LLC of Raleigh, NC, and Imperial Sugar started to negotiate the terms of the takedown in February. Industry experts previously estimated raw land in the area sells for roughly $10 per sf. However, the value of the refinery site is impacted by the fact that it requires remediation. According to this morning's press release, the agreement requires the buyer to secure the environmental insurance policy to protect both parties' interests.

The deal could still derail if Cherokee, the nation's largest and most active buyer of idled industrial sites, doesn't secure special tax financing from the municipality. The company still has to negotiate a development agreement with the city and complete the acquisition of an adjacent 640 state-owned acres.

The companies started to evaluate ways to redevelop the site after Imperial Sugar shut down the refinery in May 2003 and moved the operation to Gramercy, LA. The sugar company is maintaining its nearby corporate headquarters at 1 Imperial Square.