LOCATION: Charleston, S.C.

SIZE : 141 acres

BACKGROUND: Cherokee Investment Partners' project in North Charleston, S.C., known as Macalloy, is an EPA Superfund Site. The former steel plant fronts Shipyard Creek and is situated in an industrial and commercial section of the Charleston Peninsula. The site of the former Macalloy Corp. ferrochromium plant was one of the nation's most polluted industrial areas. Ferrochromium alloy, a hard stainless steel, was manufactured at the site from 1941 to 1998. During operations, the plant produced chromium, arsenic, lead, mercury and zinc contaminates and accumulated more than 6,000 violations of the Clean Water Act over the years.

SYNOPSIS: Cherokee, in partnership with Magnolia Development, acquired the property in February 2005. The two-year clean up consisted of pumping more than 1 million gallons of a chemical reagent into the soil through injection wells to treat the groundwater, treating 200,000 cubic yards of contaminated soil and sediment and dredging and capping the 1,000-foot stretch of the deepwater Shipyard Creek. Fifty-seven years of pollution was addressed in 18 months, returning one of the United States' most contaminated sites to productive use. In November 2006, Macalloy was recognized as the EPA's 1000th Superfund Construction Completed Site, a major milestone for the EPA and Macalloy.

REDEVELOPMENT PLAN: The revitalized industrial subdivision, known as Macalloy Industrial Park, serves as an intermodal port and light industrial area including container storage companies, warehouses for port-related businesses and other light-industrial activities. Shipyard Creek Associates purchased the site in March 2007. The company has a European partner with port related activities and the redevelopment will revitalize and complement the local port industry.