Pittsburgh-based Alcoa Corp. announced this week that its wholly owned subsidiary Eastalco Aluminum Co. recently sold a 2,100-acre property in Maryland for $100 million in cash to a joint venture of Quantum Loophole and TPG Real Estate Partners (TREP).
The property was the site of the Eastalco smelter. It permanently closed in 2010, and Alcoa has been preparing the site for redevelopment. Work included grading the land, remediation activities, and removing former facilities.
“When Alcoa closed the Eastalco site, we made a commitment to bring this property back into productive and sustainable use,” Mark Stiffler, Alcoa vice president for asset management, said. “The sale to Quantum Loophole and TREP is a story of economic and environmental sustainability, taking a former industrial site through the remediation process and bringing it forward for a new industrial use.”
Quantum Loophole plans to build a data center community. Plans include preserving historical structures, investing in robust fiber connectivity, sustainable power and water use, and developing a nature-first design aesthetic to protect views and reduce visibility from public roadways.
The sale closed on June 23. Alcoa expects a gain of approximately $90 million from the transaction during the second quarter.
Alcoa reflects gains or losses from non-core asset sales as special items.