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U.S. Steel sells site to Kansas City based developer for $160 million

Around 1,800 acres has been sold by United States Steel Corp. to NorthPoint Development Inc. for redevelopment. NorthPoint revealed plans to convert 10 million square feet into a distribution hub over the next several years, a project expected to produce at least 5,000 new jobs.

United States Steel Corp. has closed on the $160 million sale of the 1,800-acre Keystone Industrial Port Complex along the Delaware River in Bucks County.

Image courtesy NorthPoint Development

The buyer, Kansas City, Missouri-based NorthPoint Development Inc. plans to convert 10 million square feet of the industrial space into the Keystone Trade Center, an e-commerce distribution hub. It is currently awaiting local regulatory approvals for the redevelopment.

NorthPoint is planning a $25 million environmental remediation of the former Fairless Works factory site used by U.S. Steel from 1952 until 1991.

The Philadelphia Business Journal reported in November that NorthPoint is initially proposing 10 million square feet of new development in 18 buildings on the site to be developed over the next seven years but sees that potentially growing to 15 million square feet that would be built over 10 years. The company foresees eventually gaining additional land and buildings leased to other tenants once those leases expire, executives have said. It would then look to raze those structures to make way for the additional development.

The company expects the $1.5 billion development to create a minimum of 5,000 new jobs but as many as 10,000 at build out.