Redeveloper Devalues Former Fort Ritchie In Md.

CASCADE, Md. (AP) — The Maryland company redeveloping the former Fort Ritchie Army base near Cascade says it doesn’t expect to recover its $28 million investment after learning the military tested Agent Orange and other tactical herbicides there decades ago.

Columbia-based Corporate Office Properties Trust announced the move in a Securities and Exchange Commission filing March 31.

The company says it re-evaluated the site’s prospects following Army disclosures in February about outdoor research on the defoliant blamed for adverse health effects among Vietnam-era service members.

Washington County officials say COPT had to devalue the property to appease investors. They say it doesn’t mean the company is abandoning plans to build homes and office buildings on the nearly 600-acre mountaintop site.

The Army closed Fort Ritchie in 1998.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

Comments

Leave a Reply

Fill in your details below or click an icon to log in:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Baltimore

Track Weather On The Go With Our App!
Your Podcast Network Play.it

Listen Live