ST. CHARLES, MD—The St. Charles Cos. is selling76 acres in the Piney Reach Business Park toCompetitive Power Ventures for approximately $13million. CPV plans to build a 725 MW natural gas power plant on thesite.
The contract for this deal was first executed in 2007.
The project will be key for the business park, whose 700 acresare dedicated for light or heavy industrial use as well ascommercial use. The new power infrastructure will also likely leadto further economic development in the submarket, says St. CharlesCos. president Mathew Martin, in a preparedstatement.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
