class='on' LandBank – Kirby Industrial Park

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Kirby Industrial Park

Location: Palm Bay,
FL Size: 33 acres

Prior Use
This former manufacturing facility, originally developed in 1973, was comprised of six buildings on 17 acres of improved land with 197,000 square feet of industrial manufacturing space, and approximately 16 acres of adjacent vacant land.

Challenge
Groundwater at the site was contaminated by volatile organic compounds originating from an underground holding tank that had previously been used to collect process water from prior manufacturing operations.

Solution
LandBank enrolled the property in the Florida Brownfields Program and negotiated a Brownfield Site Rehabilitation Agreement (BSRA) with the Florida Department of Environmental Protection. With acceptance into the Brownfields Program, LandBank will perform limited active remediation required under the BSRA. LandBank will continue to monitor the site for approximately one year after completion of the active remediation to demonstrate the effectiveness of the active remediation and show natural attenuation as an acceptable passive remedial alternative to achieve regulatory closure. LandBank will retain all long-term environmental liability through closure.

LandBank’s Role
LandBank acquired and operated the site, performing environmental management services and overseeing property management. LandBank redeveloped the site into a modern, high-tech industrial facility.

LandBank placed a Real Estate Pollution Liability policy on the site that provides coverage against claims arising as a result of historical contamination, re-openers following regulatory approval of completed remediation, and known and unknown pre-existing pollution events on and off-site. The policy provides protection to the buyer, seller, and future owners of the site. LandBank sold its interest in the property in 2005.

New Use
When LandBank acquired the property, it was only 46 percent leased. Soon after acquisition, LandBank completed deferred maintenance, design, and renovation of three vacant buildings, and leased the vacant space to a high tech circuit board manufacturer. LandBank later executed a long-term lease renewal with the manufacturer to expand their facilities into the entire property, including a build-to-suit addition that increased the leasable space of the facility to 231,000 square feet.