May 2017 (Denver, CO) — RESIGHT Holdings, LLC is proud to announce the completion and successful environmental cleanup for beneficial reuse of the former NASA Industrial Plant in Downey, California. Due to RESIGHT’s vision and expertise, as well as collaboration with NASA and the City of Downey, Arcadis U.S., and the site’s stakeholders and developers, the site is once again a vital asset to the Downey community.

The repurposing of the site from a historic aerospace industrial plant to the current mixed use development was made possible by a then precedent setting agreement that allowed NASA and the GSA to sell the property to the City in 2003 prior to full cleanup being completed. NASA Headquarters from Washington D.C. said, “… It was a great pleasure for NASA to work with the RESIGHT team, the General Services Administration, and the City of Downey on this precedent-setting and innovative approach to cleanup and redevelopment of the former NASA Industrial Plant site. From our perspective, the arrangement allowed much more flexibility for the City in redeveloping the site, effectively limited the Federal Government’s liability, and freed NASA personnel to focus on more mission critical NASA initiatives… NASA is appreciative of the hard work and close coordination by all parties in the project’s successful closure, and is proud that we were able to play a role in the revitalization of the City of Downey.”

Over the past 14 years RESIGHT’s effort catalyzed the conversion of the 167-acre former NASA/Downey industrial plant into a significant mixed use development. This includes, the first major regional hospital in Los Angeles County in decades, a 30-acre regional Kaiser Permanente hospital facility with a more than $1.5 billion investment in new medical infrastructure. Additionally, a vibrant commercial, retail, and restaurant center is approaching completion on the northern 100+ acres of the property. The City constructed a 13-acre public park with recreational fields and developed the Columbia Memorial Space Learning Center as an educational resource for students and the public.

For its work RESIGHT was awarded the prestigious Phoenix Award™ for U.S. EPA Region IX in 2007, recognizing RESIGHT’s innovative and creative approach. The Phoenix Awards™ are widely recognized as the outstanding award for achievement of excellence in Brownfield redevelopment, and often are called “the Brownfields equivalent of Hollywood’s Oscar.”

Important features of this success story include:

• Creation of a municipal overlay district with specific covenants, conditions and environmental restrictions
• A specific coordination protocol preventing potential costly delays
• Simultaneous surface development and soil and groundwater clean up
• Carefully crafted insurance policies to protect all parties involved.

On February 14, 2012, the Los Angeles Regional Water Quality Control Board as the lead regulatory agency and RESIGHT agreed that No Further Action was necessary for soil on the site and on February 12, 2015 the parties agreed that No Further active groundwater remediation was necessary. The Los Angeles Regional Water Quality Board issued the final site closure on March 8, 2017.

“We’re so pleased to celebrate yet another success in Downey’s reemergence as a regional leader in both business development and infill reuse in Los Angeles County,” stated City of Downey, Mayor Fernando Vasquez.

“Crafting an agreement that allowed reuse of the former NASA site without the traditional federal constraints, in cooperation with RESIGHT, has been an important demonstration of how the City of Downey rolls out the welcome mat for businesses wishing to locate here,” added Mayor Pro Tem Sean Ashton.

RESIGHT is known for their ability to transact unique and complicated real estate deals to benefit communities across the United States. As its role in the Downey site comes to an end, RESIGHT looks forward to upcoming projects and opportunities in the value add real estate world.

If you would like more information about RESIGHT, please contact Alexa Morr at 303-972-6633 or email at amorr@staging.resight-ai.com. You can also visit RESIGHT’s website, www.staging.resight-ai.com

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About RESIGHT

RESIGHT is a premier property acquisition and redevelopment company specializing in infill and surplus properties. RESIGHT acquires, remediates and repositions distressed and impaired real estate in primary markets throughout the United States. RESIGHT is unique in the ability to combine significant capital resources with in-house, regulatory and technical expertise, risk management, land planning and development expertise to rehabilitate unproductive real estate assets and underperforming balance sheets

With more than three decades of experience in redeveloping environmentally impaired real estate, RESIGHT provides the resources needed to transform impaired assets into productive, sustainable holdings by overcoming the complex financial, risk and legal obstacles that typically derail real estate redevelopment projects.