Environmental Considerations for Real Estate

As I've promoted to a position of management, I find myself conducting fewer and fewer Environmental Due Diligence Assessments. For logisitical and fiscal reasons, it only makes sense that managers and EPs will have less time with boots on the ground in the field, and more time keeping projects moving, reviewing reports for content and issues, and communcating with clients.

However, I do find it important at least once a month to keep a Phase I Environmental Site Assessment (ESA), Modified Phase I ESA (MP-1), or Records Search with Risk Assessment (RSRA) on my own desk. Not only does it help keep me sharp in identifying potential environmental concerns, but it also helps me to not lose touch with the amount of effort involved in completing these assessments! From coordinating with local agencies, to interviewing multiple people, inspecting sites, reviewing regulatory and historical information, tracking down information from the internet, site contacts, banking clients, or elsewhere to close data gaps, there are a lot of balls to juggle! And due to the nature of the assessments, it always needs to be done quickly.

To sum up, I would encourage all managers and EPs in the business of environmental due diligence to not delegate a project every once in a while. You might be surprised at how much sharpening your edge needs!