Environmental Liabilities and Opportunities in CRE Redevelopment with Preston Brooks

Brownfields are contaminated sites that complicate redevelopment due to the presence of hazardous substances or pollutants.

Phase One Environmental Studies are a common tool used to assess the environmental risks of a property, but they may not identify all potential issues.

Investors and developers face risks and liabilities associated with cleanup costs, third-party exposure, and regulatory compliance.

When considering properties with potential contamination, it is important to conduct thorough due diligence, consult with environmental experts, and assess the risk-reward balance.

Redevelopment projects in disadvantaged communities can benefit from state grants and tools like Clara Agreements to address cleanup and liability concerns.

Early involvement of environmental consultants and collaboration with regulatory agencies can help navigate the complexities of brownfield redevelopment.