Real estate group's report names 'best use' plan for former Rome Cable brownfield site
After visiting the former Rome Cable Corporation complex in October 2021, the Counselors of Real Estate’s Consulting Corps has released a report paving the way for industrial development at the complex's second brownfield site.
“This site has good potential for redevelopment,” CRE said in the 29-page report, which was sent to the City of Rome and Mohawk Valley EDGE in February.
In its report, the group recently released recommendations for the site, which closely align with those of the city.
CRE, an international nonprofit organization of commercial property professionals, recommended the city build — or bring in a partner to build — flex industrial buildings on the site, meaning the could adapt to suit numerous industrial businesses.
A subsidy would be required, the report said.
Rome Cable Corporation redevelopment history
Cold Point Corporation opened a new 50,000-square-foot, $5.1 million manufacturing facility in Rome in early 2021 at the first of two brownfield sites at the former Rome Cable Corporation complex.
For over 60 years, the Rome Cable Corporation had designed, manufactured and supplied wire and cable products for various markets. The company closed its doors in 2003 and liquidated all its assets.
In April 2019, the DEC placed the site on the Registry of Inactive Hazardous Waste Disposal Sites, listing it as a class 2 site that presents a significant threat to public health and/or the environment — a previous investigation identified asbestos-containing debris there.
The Rome Community Brownfield Restoration Corporation, a nonprofit focused on promoting the redevelopment, holds the title to the property.
Mohawk Valley EDGE officials said demolition and remediation of the remaining site is complete and it has been deemed shovel ready.
Officials said about 10-15 acres of the overall 40-acre site likely can be developed, as the remaining portions of the site are wetlands.
Rome Mayor Jacqueline Izzo said the city has received a $1 million restoration grant through the Restore New York Program, to address infrastructure work needed on the property including an access road which is partially completed.
The city has received some interest on the site, she said, declining to share where that interest was coming from. Izzo said the city would turn to the CRE's "very well-rounded report" after exhausting other possibilities.
“It was right on point, really,” Izzo said about the report, adding it mostly fell in line with what city leaders have thought about the property’s rehabilitation.
Recommendations for Rome brownfield site
In its reports, CRE talked about the historic issues surrounding the parcel, what the land is currently zoned for, what type of commercial and residential properties are in the area and laid out steps and examples on how to rehabilitate the developable property.
The report lists the following reasons for its determinations:
Residential (building) is neither legally nor economically feasible due to environmental restrictions
There is no demand for Class A office and retail development and therefore it is not economically feasible
There is a limited number of shovel-ready industrial sites in the Rome market
Research shows the vacancy rate has declined and market rent has increased within the industrial sector to make a project successful with the right model of financing and risk management
“Flex/industrial is the best use for this site,” the report concludes.
The report further lists potential interim uses for the site until the city can bring in businesses, including food trucks, concerts, art fairs, farmers markets, truck and trailer parking and the installation of a temporary pole building for lease to area residents and businesses for outdoor events.
Rome’s Third Ward Councilor Kimberly Rogers said South Rome residents support interim possibilities like farmers markets, and she was happy to see those options made it into the final CRE report.
Officials from EDGE also were supportive of the group’s efforts and final report.
“Rome Cable is one of the largest and most challenging brownfields in the region,” said Steven J. DiMeo, President of Mohawk Valley EDGE. “Revitalizing properties like this one – and so many others like it – is fundamental to creating places that continue to attract new residents, talent, and investment to the region. Working with the CRE team has truly been a pleasure, and has given this effort new momentum.”
This article originally appeared on Observer-Dispatch: Rome, NY brownfield report names 'best use' plan for redevelopment
