After a false start or two in attempting to redevelop the former Amoco refinery site in Wood River, BP has hired a nationally recognized real estate broker, Jones Lang LaSalle, to help identify a developer with the resources, skills, and experience necessary to put this site back into productive re-use for the community.
BP is committed to getting the redevelopment of this site back on track and bringing new businesses, new jobs and new tax revenues to the City of Wood River. To accomplish these goals, BP has hired one of the most respected names in real estate to help us identify the kind of nationally known, experienced developer needed to make this project a success.
At the same time BP hired Jones Lang LaSalle, it commissioned a market study of the site that outlined its many positive features and highlighted its potential. The study pointed out that the site has both on-site railroad and river access, nearby highway and interstate access, developable property along well-traveled Route 143, access to a skilled labor force and a good location in a market that is growing, if a little more slowly than other parts of the metropolitan area. The site also has some unique features like a propane storage cavern and a petroleum storage tank farm. The study also identified some of the challenges facing the site.
Jones Lang LaSalle used the information from the study to market the site nationally. To date, BP has received 11 offers to redevelop all or part of the facility, but has focused on those offers that would redevelop the entire site. BP officials and the City of Wood River have been engaged in discussions regarding those proposals to determine which, if any, meet the best interests of the both the Company and the community.