The former owner of the 3-acre abandoned manufacturing facility had purchased the property and converted the 64,000 square foot building into a light industrial, multi-tenant facility as an investment. However, the owner filed for bankruptcy which caused the bank to start a foreclosure action.

During their due diligence efforts, they discovered that the property was contaminated with chlorinated solvents, and decided not to foreclose. The bank then contacted Caleb to inquire of any interest in purchasing the property.

Following an analysis of the site conditions, Caleb agreed to purchase the property in 2002 through a sheriff sale facilitated by the bank. Since its acquisition, the former building has been demolished and Drake has developed a program to remediate the soils and groundwater.

Caleb had created a plan to redevelop the property with three 16-unit apartment buildings, but those plans are on hold due to the current financial situation. The city has also indicated that the property could be developed with business bungalows, a commercial application.