JV Receives Funding for Brownfield Remediation

AMBLER, PA-For the reclamation of a Brownfield site here, a joint venture of Westrum Development Co., Strategic Realty Investments LLC and Summit Realty Advisors have been awarded $4.6 million in state funding. The roughly 10-acre property will eventually house the partnership’s office and residential development.

“The fact that the governor of Pennsylvania took the lead today with what will probably be the most sizable portion of public funding really catapults the project into reality,” John Westrum, CEO of Westrum Development Co., tells GlobeSt.com. “This provides the first step of funding for a long overdue redevelopment of a contaminated site in an up-and-coming suburban Philadelphia town.”

The site now holds a manufacturing facility and power station previously owned by Keasbey and Mattison Co., which produced asbestos insulation and building products until the early 1970s. The endowment, which was secured from Pennsylvania’s Redevelopment Assistance Capital Program, will be used for cleanup, demolition and infrastructure installation needed for the adaptive re-use of the property. The program may allot further funding for the project in the future.