The 8.5-acre abandoned manufacturing plant property was originally developed by a company making high quality glass lenses. However, financial difficulties resulted in the company deciding to sell the property, with the agreement to lease the property back from the buyer. A real estate investor purchased the property and secured bank financing.

Subsequent to this transaction, soil and groundwater contamination from chlorinated solvents was discovered in two separate areas on the property, which the former owner (and now the lessee) was responsible to address. However, that company filed for bankruptcy, leaving the investor (and new owner) with the contaminated property and no income to cover the loan from the bank.

The owner placed the property on the real estate market, but was unable to find a buyer because of the environmental conditions. The bank did not desire to foreclose on the property.

Having become aware that Caleb Acquisitions seeks to acquire Brownfields, the bank called and inquired into any willingness to purchase the property. Following an analysis of the site conditions and negotiations, Caleb agreed to purchase the property in 2005.

In order to make redevelopment financially viable, discussions were initiated with the City of Berlin to discuss the concept of establishing an Environmental Remediation Tax Incremental Financing (ERTIF) district on the property. The city indicated that they would be agreeable to creating an ERTIF based on a suitable development plan.

Caleb was able to fill the building with warehousing tenants and secure a buyer with plans to renovate the building and construct a second structure on the property. The property was sold on a land contract in order to facilitate its continued redevelopment.

Drake has completed the environmental investigation and initiated an active remediation program which consists of the direct injection of products to breakdown the solvent contaminants, and is currently in the monitoring phase to verify the successful remediation of the soils and groundwater.

Once remediation is completed and closure obtained from the DNR, the new owner will construct a second building on the property, increasing the property value from $105,000 to an estimated $2.5 million.