Real Economic and Environmental Returns

Recycling and repurposing legacy industrial real estate assets

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"In thousands of rural and urban communities around the country, hundreds of thousands of former industrial and energy sites are now idle sources of blight and pollution." 
White House Briefing –⁠ Room March 2021

As an integrated best-in-class developer of brownfield assets with 30 years' experience in industrial site redevelopment, 98six° is focused on reclaiming disused sites and integrating sustainable, future-looking industry with vibrant communities supporting residential and commercial life.

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Measurable ESG

Every project we redevelop brings us closer to net zero.

Impact Report:  2022

  • 114 Million

    Number of Trees in Carbon Offset

  • 5.47 Billion

    Pounds CO2 Eliminated

  • 15 Projects

    Sustainably Redeveloped

  • 26.65 Billion
    MMBTU of Coal Combustion Prevented
Portfolio Overview
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Breathing Life into the American Energy Grid

The transition of the energy grid to renewable sources is best accomplished by recycling the assets we already have in place.

Coal consumption has and will continue to decline sharply, engendering a continued trend of closing coal-fired power plants. Retired power facilities typically occupy prime locations on or near waterfront and urban centers. These complex properties are uniquely situated to support both clean power and logistics infrastructure as well as commercial space. The ability to unlock the potential of these sites requires extensive experience in the environmental remediation, redevelopment and reclamation of the underlying assets in order to realize their potential as economic and environmental hubs in their communities.

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IRA enhances the 98six° Value Proposition

The confluence of capital infusion and policy alignment bolsters our infrastructure for the future approach

The Inflation Reduction Act of 2022 (IRA) is the most significant climate legislation in U.S. history, offering funding, programs, and incentives to accelerate the transition to a clean energy economy. ITC and PTC tax credits have been enhanced and extended, creating strong renewable incentives, including a new mechanism to sell tax credits to third parties.

  • Up to +10% is added to PTC or ITC for brownfield sites, areas that meet employment percentages relating to coal and areas in which a coal-fired electric generating plant has closed.
  • Up to +20% can be added to ITC for certain low-income communities, low-income residential buildings, or on American Indian land.
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Why 98six?

The degree sign in 98six° represents our team's shared commitment to improving the relationship between the built environment and the human communities they support. By applying responsible resource reduction strategies, we enhance our environmental performance as well as our investment performance.

  • 98six° is enabling states, utilities and companies to achieve the reduction of Scope 4 emissions by accelerating the shift to renewables through re-powering existing grid assets.
  • We reduce embodied carbon through re-use of infrastructure assets.
  • An average , a minimum of 15,000 tons of hazardous waste is removed from the ground per site remediation.
  • We strive to be good stewards of land management, committing space in our projects to nature. Whether it's creating nature hikes, bee habitat, or other natural carbon sinks.

Community Commitment

We maintain a deep commitment to the communities in which we invest and operate. Many of the asset we target were built over 100 years ago, when community impact wasn’t a metric. We understand the role our redevelopment makes in communities, both from filling the gap in tax revenues that are often lost when industrial plants are decommissioned to considering the upskill educational opportunities and community space we can introduce.

In addition to charitable contributions, we become an active part of the community; volunteering and dedicating time, skills and resources as well as being sensitive to the diversity of opinions and priorities of various constituents. We aim to engage with all of our stakeholders to achieve our purpose: helping to revitalize communities by utilizing the assets they already have.

  • Safety is our #1 priority. Remediating power plants is the most dangerous work in demolition and remediation, and we maintain an Experience Modification Rate (EMR) of 1.0 or below from all our partners.
  • We look for diversity in partners and developers, striving to work with minority, women, and veteran owned businesses.
  • We partner with local business councils and work with established mentorship programs to inspire and activate youth engagement.
  • We create opportunities for family recreation: we've previously donated marina space to the Miami Dolphins to raise money for charity through community fishing and sailing events.
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Governance

ESG issues are foundational to our investment analysis and due diligence processes, which include a rigorous underwriting regimen, risk management evaluation and approval processes. We operate within a framework of policies, procedures, principles and practices established by our principals to embrace corporate responsibility, accountability, ethics, integrity and transparency in their stakeholder relationships.

America’s Current Redevelopment Temperature

The U.S. Environmental Protection Agency (EPA) awarded $254.5 million in Brownfields grants to 265 communities ... EPA’s Brownfields grants and other technical assistance programs like the RE-Powering America’s Land Initiative are also helping to build the clean energy economy. Today’s announcement includes a former coal mine in Greene County, Pennsylvania, that will become a 10-megawatt solar farm, and a former dump site in the Fort Belknap Indian Community in Montana that will be converted to a solar farm, saving local residents an estimated $2.8 million in energy costs over 25 years, among many others.

– EPA Press Office - May 2022

The current concern for climate change and social equity in the US, highlighted by the global COVID-19 pandemic, has increased public attention on environmental, social, and governance (ESG) issues. One of the primary challenges the country faces is the issue of infrastructure, which has a profound impact on environmental and social conditions. Private entities have an opportunity to address ESG factors and improve climate resiliency, environmental justice, and economic opportunity through public–private partnerships (PPPs) that are focused on America’s aging infrastructure.

– International Conference on Sustainable Infrastructure 2021 - December 2021

U.S. coal consumption is likely to decline sharply again in 2020, though the current roster of planned and completed coal plant retirements suggests the year may not be quite as rough as the past two. At 13,703 MW, 2019 marks the highest level of annual coal capacity retirements in the U.S. since 2015, a new S&P Global Market Intelligence analysis of federal data shows. The amount of coal capacity planned for retirement in 2020 is expected to exceed the amount retired in each of 2014, 2016 and 2017.
– S&P Market Intelligence - Jan 2020

Remediate and redevelop idle real property, and spur the buildout of critical physical, social, and civic infrastructure in distressed and disadvantaged communities. In thousands of rural and urban communities around the country, hundreds of thousands of former industrial and energy sites are now idle sources of blight and pollution. Through a $5 billion investment in the remediation and redevelopment of these Brownfield and Superfund sites, as well as related economic and workforce development, President Biden’s plan will turn this idle real property into new hubs of economic growth and job creation.

– White House Briefing Room Statement - March 31, 2021

    America’s Current Redevelopment Temperature

    The U.S. Environmental Protection Agency (EPA) awarded $254.5 million in Brownfields grants to 265 communities ... EPA’s Brownfields grants and other technical assistance programs like the RE-Powering America’s Land Initiative are also helping to build the clean energy economy. Today’s announcement includes a former coal mine in Greene County, Pennsylvania, that will become a 10-megawatt solar farm, and a former dump site in the Fort Belknap Indian Community in Montana that will be converted to a solar farm, saving local residents an estimated $2.8 million in energy costs over 25 years, among many others.

    – EPA Press Office - May 2022

    The current concern for climate change and social equity in the US, highlighted by the global COVID-19 pandemic, has increased public attention on environmental, social, and governance (ESG) issues. One of the primary challenges the country faces is the issue of infrastructure, which has a profound impact on environmental and social conditions. Private entities have an opportunity to address ESG factors and improve climate resiliency, environmental justice, and economic opportunity through public–private partnerships (PPPs) that are focused on America’s aging infrastructure.

    – International Conference on Sustainable Infrastructure 2021 - December 2021

    U.S. coal consumption is likely to decline sharply again in 2020, though the current roster of planned and completed coal plant retirements suggests the year may not be quite as rough as the past two. At 13,703 MW, 2019 marks the highest level of annual coal capacity retirements in the U.S. since 2015, a new S&P Global Market Intelligence analysis of federal data shows. The amount of coal capacity planned for retirement in 2020 is expected to exceed the amount retired in each of 2014, 2016 and 2017.
    – S&P Market Intelligence - Jan 2020

    Remediate and redevelop idle real property, and spur the buildout of critical physical, social, and civic infrastructure in distressed and disadvantaged communities. In thousands of rural and urban communities around the country, hundreds of thousands of former industrial and energy sites are now idle sources of blight and pollution. Through a $5 billion investment in the remediation and redevelopment of these Brownfield and Superfund sites, as well as related economic and workforce development, President Biden’s plan will turn this idle real property into new hubs of economic growth and job creation.

    – White House Briefing Room Statement - March 31, 2021

      Projects

      98six° is unique in that its focus and vision is to create sustainable, real value in adaptive reuse of brownfield assets. Its model of creating a full-service solution for utilities and industrial manufacturers allows delivery of first class facilities into the marketplace.

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      Connecticut

      A former United Illuminating power plant, shut off for nearly a century, was demolished and remediated to make way for replacement by 1,500 residential units, 800,000 square feet of retail, 200,000 square feet of commercial space, and 300,000 square feet of hotel and meeting area, overlooking a 200-slip marina with complete shore-side support.
      Learn More
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      Florida

      Developed on the site of a former waste transfer terminal and bus depot, Miami Beach Marina's redevelopment included the total remediation of 60 acres and full construction of the site. Representing a $200MM investment, this premier 400 slip full-service marina has become a major destination in Greater Miami.
      Learn More
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      Pennsylvania

      In 2019, 98six° acquired the 368 MW Cromby Station former coal plant. Demolition was completed in 2021, with ongoing work, including environmental remediation and construction, continuing into 2022. The site will support light industrial and renewable energy applications, catering to energy storage, data processing and vertical agriculture in addition to residential use.
      Learn More

      Projects

      98six° is unique in that its focus and vision is to create sustainable, real value in adaptive reuse of brownfield assets. Its model of creating a full-service solution for utilities and industrial manufacturers allows delivery of first class facilities into the marketplace.

      Image

      Connecticut

      A former United Illuminating power plant, shut off for nearly a century, was demolished and remediated to make way for replacement by 1,500 residential units, 800,000 square feet of retail, 200,000 square feet of commercial space, and 300,000 square feet of hotel and meeting area, overlooking a 200-slip marina with complete shore-side support.
      Learn More
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      Miami Beach FL

      Developed on the site of a former waste transfer terminal and bus depot, Miami Beach Marina's redevelopment included the total remediation of 60 acres and full construction of the site. Representing a $200MM investment, this premier 400 slip full-service marina has become a major destination in Greater Miami.
      Learn More
      Image

      Pennsylvania

      In 2019, 98six° acquired the 368 MW Cromby Station former coal plant. Demolition was completed in 2021, with ongoing work, including environmental remediation and construction, continuing into 2022. The site will support light industrial and renewable energy applications, catering to energy storage, data processing and vertical agriculture in addition to residential use.

      Learn More