Vacant Riverfront Property in Holyoke to be Transformed into a New Commercial Development Under Agreement with AG Coakley

HOLYOKE, MA – May 11, 2010 – (RealEstateRama) — Acres of contaminated property located between the Connecticut River and the Front Canal in historic downtown Holyoke will be cleaned up and redeveloped as a result of a Brownfields Covenant Not to Sue Agreement that Attorney General Martha Coakley’s Office has entered into with the prospective developer of the site.The covenant agreement limits the liability related to contamination on the six parcels in exchange for the redevelopment and cleanup. The property was once home to American Writing Paper and Brown Paper Mills in the 19th and 20th centuries, but the majority of the buildings on the site have been largely vacant in recent decades. Under the agreement, Quantum Properties LLC will clean up the parcels in accordance with Massachusetts Department of Environmental Protection (MassDEP) standards and redevelop them into modern industrial and commercial buildings. The parcels are contaminated with oil and hazardous materials from their industrial history