BALLSTON SPA – The former Angelica Textiles property on Bath Street may be auctioned off next month as the company seeks to sell its assets following a recent bankruptcy filing.
The 6.3-acre parcel and 80,000-square-foot building is part of a purchase agreement between an affiliate of private equity firm KKR, and Angelica Corp., according to The Saratogian. The company was the largest investor in Angelica Corp., which currently owns the property and recently filed for Chapter 11 bankruptcy.
The Brownfield site, which has been vacant since 2015 and originally served as a tannery dating back to the 1800s, has been the subject of extensive cleanup efforts this year. Angelica Textiles closed the facility in 2010.
Angelica Corp. will be able to complete remediation at the site as part of the purchase agreement with the KKR affiliate.
A spokesperson for Angelica told The Saratogian that potential buyers must submit qualified bids for the Angelica assets, including the Bath Street property, by May 29. The auction is scheduled for June 5, with a court hearing to approve any sale June 14.
“As it is cleaned up and likely transitions ownership, we should be doing everything we can to make sure it’s high potential is maximized for the benefit of all village residents,” Village Councilman Noah Shaw told The Saratogian.
Village officials expect the cleanup work to be completed this summer and say they’re willing to work with the new owners to find an appropriate use for the site.
Click here to read the full Saratogian article.
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