ATC is pleased to be a part of the City of Phoenix, Arizona’s Brownfields to Healthfields (B2H) project in an effort to transform community health through sustainable development.
We frequently field questions from clients who are thinking about selling their retail petroleum dispensing facilities and have concerns about environmental situations that could impact their ability to sell a piece of property. For that reason, we decided to take a different approach with this particular blog.
As one of the oldest shopping centers in the country, Cameron Village has seen its development coincide with decades of evolving environmental regulations. From unknown environmental costs to closure from multiple North Carolina Department of Environmental Quality (NCDEQ) agencies, ATC has helped Cameron Village continue its path as one of Raleigh, North Carolina’s most prominent commercial real estate properties.
ATC Group Services, LLC (ATC) recently partnered with a large developer to redevelop several sizable adjacent tracts of extremely high value real estate. The project involved environmental due diligence, building demolition, and redevelopment to best applicable mixed use. The project is considered the largest project in financial terms ever conducted within the North Carolina Brownfields Program and included assessment, environmental decommissioning and abatement, demolition, and targeted remediation during redevelopment.
For a property developer, commercial property owner, business owner, or nonprofit looking to clean up a contaminated site or restore property in an economically distressed area (EDA), there are attractive financial incentives to help get the job done. Thanks to Brownfields tax credits offered by states like Massachusetts as well as the federal government (via the EPA), you can launch or participate in a Brownfields project and recognize significant return on your investment.
When acquiring a site for development, a potentially costly risk is having to clean up hazardous waste and/or remediate environmental dangers within the site’s boundaries. That is why you must have a professional environmental services company perform an environmental site assessment (ESA) prior to acquiring the site in question to minimize your risk.
When hiring an environmental services provider, it is critical that you control several factors to keep costs down and arrive at results as fast as possible, without sacrificing quality. Four factors are critical to selecting the right provider to cost-efficiently succeed at a high-quality environmental site assessment (ESA). They include the following:
Topics: Commercial Real Estate
Before leasing commercial or industrial property for a new business operation, prospective lessees should consider environmental due diligence to be just as important as if they were buying the real estate concerned. One of the most prudent measures that a potential lessee can take is to have a Phase I Environmental Site Assessment (ESA)performed to identify any actual or potential environmental contamination.
Environmental Site Assessments (ESAs) help to safeguard commercial/industrial real estate buyers against liability for cleaning up hazardous environmental contaminants. While these assessments, such as the Phase I ESA, tend to focus on the presence or likely presence of any hazardous substances or petroleum products in, on, or at a property, buyers should be aware of the risks of future vapor encroachment from nearby properties.
If you're purchasing commercial property to start or expand your business, you should be aware of possible environmental hazards and potential site contamination. Under federal (and several state) laws, business owners can be held responsible for the cleanup of environmental contamination on their property, regardless if it was caused by a prior owner or tenant. Because of this, the Environmental Protection Agency (EPA) recommends hiring professional consultants to conduct an Environmental Site Assessment (ESA) on property you are planning to purchase.
About this blog
Welcome to our postings on the environment and regulatory impact. We strive to keep you informed with the latest changes in regulations and with lessons learned from our time in the field
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