Location
Trieste, Italy
Size
163 acres
Project Type
Mixed-use revitalization of a former oil refinery

Project Background
Cherokee joined Teseco, a leading Italian brownfield remediation firm, to revitalize an abandoned oil refinery in Trieste, Italy, an Adriatic port city 80 miles east of Venice. The site, previously owned by the Shell Group, was home to one of Italy’s oldest oil refineries.

The Cherokee Solution
Cherokee provided financing for Teseco to support the acquisition, demolition, cleanup and rezoning of the 163-acre property, which has been disused since 1985. The soil and groundwater were highly contaminated with petroleum hydrocarbons and heavy metals. In aggregate, the Trieste property represents one of the most extensive cleanups ever undertaken in Italy. The first phase of cleanup encompassed the remediation and reclamation of an 88-acre parcel, and will be followed by remediation of the remaining acreage.

Redevelopment Plan
A master plan was created that builds on the strengths of the waterfront and positions the port as a vibrant nexus for the Trieste community. The mixed-use redevelopment provides retail, commercial and residential opportunities.

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