The land was once the site of Consol's Arkwright Mine near Morgantown, West Virginia, which closed in 1995.
The company has transferred title to approximately 80 acres of the 500 acres it owns to a commercial development company that intends to build a shopping complex at the site.
"We are excited to move forward with development of this property," said J. Brett Harvey, president and CEO of Consol Energy.
"Our philosophy is to try to create a full cycle of value in the property we own. At one time, this property contributed to the nation's energy supply. Now it will provide economic benefit to the area through a retail shopping center."
At least a dozen retailers have committed to occupy space when the shopping center opens in the spring of 2005.
"This project was made possible with the help and support of the West Virginia Department of Environmental Protection, the office of Governor Bob Wise, the state Department of Highways, the West Virginia Development Office, and the Granville Council and Mayor Patty Lewis," Harvey said.