Savvy developers should know that due diligence is the critical piece of the puzzle in deciding if the risks outweigh the rewards when considering the purchase of a Brownfield site. Retaining a knowledgeable environmental consultant can arm developers with the information they need to make educated decisions and guard their investment dollars.
There is no shortage of public information available about Brownfields. But, put simply, the EPA defines a brownfield as “a property, the expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant.” It is essential to know that just because a property or site is classified as a Brownfield does not automatically mean it is contaminated.
Determining if a site is contaminated is where site investigations come in to play. Hiring a consultant to perform Phase I and Phase II site assessments in advance of purchasing a property can help developers determine if a property is contaminated. The information gathered in these assessments can help developers understand if the risk in purchasing a site is too great, what type of contaminants are present, and a ballpark range of approximately how much it would cost them to clean up the area.
Stay tuned for more information on Walden’s Guide to Brownfield Developments: What You Need to Know to Make Sure Your Investment Dollars are Well Spent.