Crews from Frontier Industrial are demolishing old, unused steel-making properties in Weirton, preparing hundreds of acres for reuse. Staff photo by Linda Harris
MOUNDSVILLE, Jan 2, 2018 — China Energy’s potential $84 billion investment in energy projects in the Mountain State has sparked an uptick in interest in available industrial properties throughout the Upper Ohio Valley, officials say.
The memorandum of understanding, or MOU, is not binding, meaning the Chinese company can still back out if it wants to.
“Everybody’s trying to figure out what it means,” said Bryce Custer, NAI spring real estate adviser, Energy Services.
Custer is working with New York’s Frontier Industrial Corp. to market vacant industrial properties in Marshall and Hancock counties.
“I think what it’s done is to create more of a sense of urgency for some companies.They realize if they want to have a facility in the area, they’d better speed up their game a bit,” Custer said. “So, yes, the MOU has had an impact; we are seeing a good bit more activity.”
Custer said he’s been busy fielding calls from clients “looking from Moundsville north to Monaca, Pennsylvania,” where Royal Dutch Shell has already begun building a $6 billion-plus ethane cracker. Frontier’s properties in the Upper Ohio Valley — a 58-acre parcel that once housed a power plant in Moundsville, as well as a thousand surplus acres that steel giant ArcelorMittal wants to unload in Weirton — are generating a tremendous amount of interest because of their river and rail access, he said.
“We’ve got a good bit of activity right now with (the Kammer) facility. We’re working with companies not only within the U.S., but also with some companies overseas. There’s a good bit of interest right now in properties that have rail and barge access for a variety of products. They’re diverse companies … petrochemical companies, straight chemical companies and also plastics and derivatives,” he said.