Year of Acquisition:
Mixed-use Master Planned Community
In 2003 Convergence acquired a 143-acre site in Milton, Delaware. 35-acres of the site was the former home to Draper King Cole Cannery, the largest independent vegetable cannery in the US. The purpose behind the acquisition of this property was the priority location within an existing resort destination town, and the discounted price associated with the brownfield. In order to determine potential for environmental liability prior to development the site was entered into the Department of Natural Resources and Environmental Control’s Voluntary Cleanup Program (VCP)- it was the first site in the state of Delaware to enter this program.
Over the next year, Convergence executed the demolition of over 20 acres of concrete structures including the processing plant and various warehouse facilities. In total over 1 million tons of concrete were recycled, 15 underground storage tanks were removed, and arsenic and coal ash were safely disposed from the site. Large volumes of contaminated soils were also safely contained on site, avoiding excessive off-site treatment and disposal costs while no longer making them a threat to residents and their waterways. While the brownfield cleanup was underway, Convergence successfully secured approvals for Cannery Village, a 511 unit mixed-use master planned community with over 110,000 sq/ft of commercial space and a 12-acre commercial district. Following Settlement of the property, Convergence managed the site construction of phases 1 and 2 of the community. It then sold the remaining phases to NVR, Inc, a publicly traded homebuilder and a private investment group.
Through the development of the project Convergence reduced negative environmental impact on the historic coastal town of Milton, DE by providing a cleanup and re-use solution for the retired land, all while delivering strong returns to investors. Through its design and planning principles the community provides a relaxed sense of place to residents at an approachable price point.