In the past few decades, many local municipalities have formed Development or Redevelopment Commissions.
Among other parts of their mission, Redevelopment Commissions often purchase property and hold the property for potential future development. As an alternative to development, they might sell or lease property to those interested in developing the property. As with any property transaction, an appropriate level of environmental due diligence is recommended for the environmental condition of the property to be understood. This protects the commission from acquiring contaminated property that may be difficult or expensive to redevelop, sell or lease. A Phase One Environmental Site Assessment (ESA) is recommended prior to acquisition and, on occasion, a Phase II Investigation is warranted to assess identified environmental due diligence concerns. It is extremely important to note the transfer of liability as property changes ownership and to know what environmental risks an individual or entity is assuming as part of a purchase…even if you are purchasing on behalf of a municipality organization.
Another advantage to a Phase 1 Site Assessment is that, many times, an environmental professional also can highlight other areas that might affect the cost of redevelopment activities, such as the presence of asbestos containing materials (ACM), lead or mold.
To learn more about environmental due diligence in redevelopment, click here to read an article by one of August Mack's technical experts.
Comments for Environmental Due Diligence in Redevelopment