Understanding the Risks and Rewards of Developing a Brownfield Site
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.
What is a Brownfield?
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.