Forsite Solidifies Development, Financing Team
CHARLOTTE, N.C. – Forsite Development has added development and financing partners for a 667-acre redevelopment of a shuttered textile dye manufacturing plant in northwest Houston.
The eco-plan, ReVenture Park, has secured backing from ReCommunity, a recently formed, locally based recycling and resource recovery operator, as well as Pegasus Capital Advisors LP and Hannon Armstrong Securities LLC. At build-out, ReVenture Park is expected to generate $900 million of new investment and create more than 1,000 jobs.
The development and financing partners will undertake the anchor project, a 20MW waste-to-energy plant powered by recycled fuel resulting from 370,000 tons of Charlotte- Mecklenburg’s solid waste. The anchor project is projected to annually produce enough clean electricity to power more than 20,000 residences.
The eco-industrial park is envisioned as a magnet for clean energy projects, solar energy fields, wastewater treatment and reuse, incubator labs and research and development facilities. The goal is to catapult Charlotte into a leadership position in the South for waste diversion, recycling and renewable energy recovery. The area’s existing recycling efforts and the project will result in a residential recycling rate of more than 35 percent, one of the highest in the Southeast. It also will enable the county to divert more than 75 percent of its waste stream from landfills into higher and better uses.
ReVenture Park is designed to become a model for brownfield redevelopments. Recently, the project was accorded Wildlife and Industry Together certification from the North Carolina Wildlife Federation.
Forsite and Pegasus also plan to explore opportunities to develop other eco-industrial parks in the Southeast. ReCommunity was recently formed when Pegasus Capital, Mission Point Capital Partners, HarborVest Partners LLC, and Ares Capital Corp. acquired recycling assets of FCR Recycling from Casella Waste Systems.