RACER Trust Begins Soil Cleanup Activities at Ewing Township Property, Setting Stage for Development

RACER Trust today announced it has begun soil remediation necessary to enable sale of the former General Motors Delphi Trenton property in Ewing Township, N.J., to Atlantic Realty Development Corp. for development of a new town center.

RACER will remove soil from specific areas on the property with the potential to impact groundwater in the future. The process is expected to finish by sometime in late March. Once data from this effort is submitted to the New Jersey Department of Environmental Protection, which is monitoring the cleanup, RACER and Atlantic Realty are expected to complete the sale and transfer of the property to Atlantic Realty. Construction of Parkway Town Center, a mixed-use residential and commercial project, is expected to begin shortly after the sale closes.

“We are very much looking forward to completing this work and turning the property over to Atlantic Realty so it can begin to carry out its vision for the transformative redevelopment of the property,” said Elliott P. Laws, of EPLET, LLC, administrative trustee of RACER Trust. “We are pleased that the Township of Ewing has approved Atlantic Realty’s plan to maximize the property’s economic development potential, and with the local support for the project. We are happy any time a RACER property is brought back to productive reuse, especially a reuse that will produce broad community benefits.”

The proposed Parkway Town Center includes 109,000 square feet of commercial development and 1,176 housing units.

“Redevelopment of the former GM property has long been a priority for the township, and I am grateful to RACER Trust and the NJDEP for their efforts and to Atlantic Realty for their confidence in our community,” Ewing Township Mayor Bert Steinmann said. “A project of this scale and magnitude will be tremendously beneficial to our residents and businesses, creating new housing, jobs and shopping destinations while significantly increasing our tax base with private investment.”

The material that is removed will be transported out of state for recycling.

About RACER Trust: RACER (Revitalizing Auto Communities Environmental Response) Trust was created to clean up and position for redevelopment properties and other facilities owned by the former General Motors Corp. before its 2009 bankruptcy. RACER is one of the largest holders of industrial property in the United States and is the largest environmental response and remediation trust in U.S. history. When the Trust was formed, it owned properties at 89 locations in 14 states, principally in the Midwest and Northeast. The Trust was created by a settlement agreement in the U.S. Bankruptcy Court between the U.S. Government, the 14 states where the former GM properties are located, and the St. Regis Mohawk Tribe, which owns land adjoining one of the properties in Upstate New York. For more information, please visit our website: www.racertrust.org.