The acquisition, remediation and redevelopment of the former Pacific Refinery I Hercules, California ranks as one of the most successful residential redevelopments of a Brownfield property in the United States.
The 219-acre property, located north of Berkeley on the eastern shore of San Pablo Bay, was formerly operated as a 55,000-barrel per day oil refinery and, until just prior to purchase, as an asphalt refinery and terminal.
The Principals of RE Solutions, LLC, led the development team that, in a joint venture with Catellus Development Corporation, purchased the property from Pacific Refining Company, a subsidiary of The Coastal Corporation. The development team managed the due diligence, regulatory oversight, permitting, decommissioning, demolition, cleanup, community relations, and redevelopment of the property. The total cost to manage the site post-acquisition, demolish the refinery structures, remediate the environmental conditions and complete the preliminary site work was in excess of $40 million.
The former Pacific Refining Company property, known today as Victoria-By-The-Bay, has over 800 residential units, an elementary school, and a small neighborhood commercial center.