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STAMFORD DEVELOPER GETS NATION'S FIRST BROWNFIELDS LOAN TO A PRIVATE PARTY

Release Date: 10/05/1999
Contact Information: Amy Miller, EPA Press Office (617-918-1042) Beverly A. Aveni, Stamford Mayor's Office (203-977-4150)

STAMFORD - Mayor Dannel P. Malloy and the U.S. Environmental Protection Agency today announced that the City of Stamford will award to a private developer the first loan in the nation given under EPA's Brownfields Cleanup Revolving Loan Fund Program.

The city has awarded a $250,000 loan to Clearview Investment to pay for the clean-up of 2.9 acres along Stamford Harbor. This cleanup will be part of a project aimed at developing a 15-acre parcel along the water with about 320 residential units and a marine facility, boardwalk and public fishing pier.

The loan announced at today's press conference represents half of the $500,000 EPA grant awarded to the City of Stamford's Brownfields Program last month. These funds will be used to clean Brownfields sites in the Stamford Harbor area.

The City of Stamford, which has been chosen as a Brownfields Showcase Community, was awarded $200,000 in pilot funds in July 1998 to stimulate redevelopment of the harbor and nearby neighborhoods, including Waterside and the South End.

The 2.9 acres targeted by the revolving loan is on a site owned by Rocky River Realty Co., a subsidiary of Northeast Utilities. From about 1937 to 1970, the site was used as a shipyard producing wooden boats. Remnants of the boat manufacturing building as well as the boat launch rail system are still on the site. A small portion of the site was also used for coal storage. In addition to the abandoned buildings, the site contains abandoned tanks, drums and containers.

An investigation of the site completed in November discovered arsenic, lead and petroleum contamination in the soils, all thought to be products of the former boat-building activities, which used lead-based paints and arsenic based wood preservatives.

The loan will be given to Southfield Associates through its managing member, Clearview Investment Management Inc. of Stamford. Clearview specializes in managing waterfront properties and has redeveloped several other properties in Stamford, including Seaview House, Clearwater House and Atlantic House, all along the water.

"Clearview's participation in this loan program will help clean contaminated waterfront property and will go a long way towards helping Stamford reach its goal of rejuvenating the harbor," said John P. DeVillars, EPA's New England Administrator. "We look forward to doing the additional work necessary to create a thriving economic and recreational resource for the city of Stamford."

"Stamford, the City that Works, looks forward to working with property owners, developers, and other federal agencies to target, clean up and redevelop old industrial sites in the South End and Waterside neighborhoods," said Mayor Malloy. "These efforts will lead to a revitalized Stamford Harbor area, as we move into the new century."

"I am extremely happy that Clearview has been selected to be the first company in the country to be awarded a loan under this wonderful new program," said Seth G. Weinstein, co owner of Clearview Investment. "Clearview's business focus is the redevelopment of commercial property and we are very pleased to be able to turn an underutilized industrial site into a wonderful residential amenity for Stamford, which is not only the best small city in America but our home base."