Florida developer intends to build nitrogen plants in US

02 February 2011 17:34  [Source: ICIS news]

HOUSTON (ICIS)--A US real-estate developer in Florida created a subsidiary to build nitrogen plants, the company said on Wednesday.

The subsidiary of New Bastion Development, NB Regeneration, aims to construct facilities that will enable it to produce 500,000 to 1m tons (454,000-907,000 tonnes) of nitrogen fertilizers annually, New Bastion said.

An executive team for the new subsidiary is currently being assembled, the company said.

New Bastion has been involved in real estate and real estate development in northwest Florida for the past three years based upon expectations that the opening of a new airport would attract visitors, residents and businesses to the Florida panhandle.

The recent oil spill in the Gulf of Mexico has hurt the real-estate market in northwest Florida, and the company is currently examining its options, New Bastion said.

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By: Frank Zaworski
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