MARYSVILLE — DTE Energy said Monday it has completed the sale of its Marysville Power Plant to St. Louis, Mo.-based Commercial Development Co., which specializes in industrial brownfield work.
The coal-fired Marysville plant 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,” DTE vice chairman and chief administrative officer Dave Meador said in a statement. “We are excited about the site’s potential reuse and are confident that Commercial Development Co. will prepare the property to become a vibrant part of the community.”
DTE announced a preliminary deal with CDC in December. The utility holding company said the deal was finalized Friday. Financial terms weren’t disclosed.
CDC said it 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 said it expects the site will be ready for development in about 18 months.
“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,” Commercial Development CEO Randall Jostes said in a statement. “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.”
A phone call to Jostes seeking details on CDC’s specific plans for the plant was not immediately returned.
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. More at www.cdcco.com.