{"id":7905,"date":"2024-08-05T13:46:32","date_gmt":"2024-08-05T13:46:32","guid":{"rendered":"https:\/\/ios.alterraproperty.com\/?p=7905"},"modified":"2024-11-18T10:42:18","modified_gmt":"2024-11-18T10:42:18","slug":"alterra-ios-buys-5-acre-philadelphia-site-for-very-unique-40m-project","status":"publish","type":"post","link":"https:\/\/ios.alterraproperty.com\/?p=7905","title":{"rendered":"Alterra IOS buys 5-acre Philadelphia site for ‘Very Unique’ $40M project"},"content":{"rendered":"

A joint venture between Alterra IOS and Eco Materials bought a 5-acre site in Southwest Philadelphia for $5.75 million with plans to build a soil recycling facility.<\/p>\n

Including the purchase price for the property at 6110 Passyunk Ave., the project is expected to cost $40 million. Construction began this month, and the facility is planned to be in operation by spring 2025.<\/p>\n

The clean wash facility would accept non-hazardous contaminated soil, likely from construction companies that would otherwise dump it in a landfill. The soil would then go through a cleaning process, leaving up to 85% suitable for sale and reuse. The facility is designed to recycle up to 250 tons per hour.<\/p>\n

Alterra IOS is the industrial outdoor storage arm of Alterra Property Group, and Eco Materials was founded last year to provide an environmentally friendly alternative for the disposal of waste from construction sites. Both companies are based in Philadelphia.<\/p>\n

Alterra Property Group Managing Partner Leo Addimando and Eco Materials General Manager Andrew Paluszkiewicz said there are fewer than 10 facilities in the United States dedicated to this aggregate recycling process. Soil that is dug up during construction projects is required to be disposed of safely, and recycling the soil instead of dumping it benefits the environment, they said.<\/p>\n

\u201cThe fact that we\u2019re just taking all of our excavated dirt and we\u2019re putting it in landfills next to plastic bottles and your trash from your garbage bin, it\u2019s mind-blowing to me,\u201d Addimando said. \u201cEighty percent of this or more could be recycled, put back into the construction ecosystem.\u201d<\/p>\n

\"\"<\/p>\n

Alterra Managing Partner Leo Addimando sees opportunity in a new soil recycling facility in Southwest Philadelphia.<\/b><\/p>\n

Money for the project came from\u00a0Alterra IOS\u2019 recent $900 million fundraising round<\/span><\/a>\u00a0for industrial outdoor storage, Addimando said. A portion of the fund can be used for industrial projects other than outdoor storage.<\/p>\n

While Alterra Property Group has established itself locally for\u00a0converting offices to residential<\/span><\/a>, its IOS division has expanded rapidly, acquiring properties across the country.<\/p>\n

Paluszkiewicz is also president of American Sitework and has spent 20 years in the site work business. He began exploring aggregate recycling about two and a half years ago. Given his background, he immediately thought the process made sense.<\/p>\n

\u201cI never really took time to look at soil before this and realize the sand content and the stone content,\u201d Paluszkiewicz said. \u201cI was always just loading it and getting rid of it. But when you actually start to break it down, you realize there\u2019s valuable aggregate within that bad dirt.\u201d<\/p>\n

Paluszkiewicz identified a land site and signed a lease with Passyunk Avenue Realty Enterprises, which owned the property before the joint venture bought it. He also secured permits to operate the facility. It was a risky process since Paluszkiewicz still needed a partner to help finance the project.<\/p>\n

As soon as he was introduced to Addimando, the two shared the same vision.<\/p>\n

While this type of recycling facility is rare in the United States, Addimando said there are hundreds in Europe. He and Paluszkiewicz have toured facilities in England and Northern Ireland.<\/p>\n

\u201cThe United States is lagging what Europe\u2019s been doing,\u201d Paluszkiewicz said. \u201cBut as [environmental] regulations have gone up, it\u2019s driven the need for this kind of equipment. I always say to my partners, someone\u2019s going to build one of these. It might as well be us.\u201d<\/p>\n

The Passyunk Avenue property is near HRP Group\u2019s Bellwether District, a 17.5 million-square-foot industrial and life sciences project at the former site of the Philadelphia Energy Solutions refinery. It\u2019s also near Falcon Concrete, which Addimando said is one of the largest concrete providers in Philadelphia.<\/p>\n

Between those two operations and knowing how much dirt moves around Philadelphia regularly, Addimando and Paluszkiewicz are optimistic about the recycling facility.<\/p>\n

\u201cThis is the first investment that I\u2019ve seen that is a very sound and profitable business, and also is incredibly environmentally conscious and with no compromise of one to get the other,\u201d Addimando said. \u201cThat, to me, is very attractive. It\u2019s a very unique opportunity.\u201d<\/p>\n

By\u00a0Paul Schwedelson<\/span><\/a>\u00a0\u2013 Reporter, Philadelphia Business Journal<\/p>\n

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