More Lenders Requiring Innovative Remediation Solutions

When dealing with contaminated properties in residential and commercial settings, many developers are leveraging the cleanup process not just to achieve site closure, but also to improve the property value. The trend in property remediation has gone from simply covering up the problem or blocking it off to a more organic and visually appealing way of dealing with contamination. From an environmental perspective, the main concern is to perform all of the actions required in the Remedial Action Plan. For owners and lenders, there is more of a long term benefit in improving the final appearance of the property and its perception within the community.

When performing a Property Condition Assessment or Phase I Environmental Site Assessment, there is always the possibility of uncovering adverse findings for the property owner. One of these common issues is contaminated soils that pose a potential threat to human health, resulting in the inability to develop residential or commercial properties on the site. Environmental engineers are often up against stringent regulations when performing the remediation of potential contaminants found during the environmental site assessment. (My colleague Ken Sisk will speak about some of the opportunities and risks associated with the redevelopment of contaminated land at the upcoming RTM conference: more about that here)