ST. CHARLES, MD—The St. Charles Cos. is selling 76 acres in the Piney Reach Business Park to Competitive Power Ventures for approximately $13 million. CPV plans to build a 725 MW natural gas power plant on the site.
The contract for this deal was first executed in 2007.
The project will be key for the business park, whose 700 acres are dedicated for light or heavy industrial use as well as commercial use. The new power infrastructure will also likely lead to further economic development in the submarket, says St. Charles Cos. president Mathew Martin, in a prepared statement.
The plant "will provide our county and our region with a reliable, clean source of electricity for decades to come," he says. It is also being designed with sustainable elements, he adds, as it will use gray water provided by Charles County for cooling, "significantly reducing the amount of effluent released into the Potomac River and its tributaries."
"Best of all, the plant will significantly expand the property tax base of Charles County."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
