We've all been hearing on the news that the South Florida real estate market is beginning to pick up, and you know what that means: Bank loans. And what is one of the requirements from these institutions for commercial transactions? A Phase I Environmental Site Assessment (ESA). These are conducted on a property to protect the owner from some unknown liability that may be associated with
soil and/or groundwater contamination. A Phase I Site Assessment consists of regulatory file reviews, interviews with current and previous property owners, and a site visit. We've been getting phone calls and inquiries from prospective buyers whose banks are requiring them to submit a Phase I Site Assessment report. It's also a good idea to do an Environmental Assessment Report whether or not it is required for financing.
Sometimes the outcome of a Phase I Site Assessment may lead to a Phase II ESA which involves soil and groundwater sampling. We know quite a bit about Phase I and II Site Assessments since we've been doing them for about 15 years now. We follow the ASTM E1527-05 standard for conducting a Phase I ESA, and the recently updated ASTM E1903-11 standard for a Phase II ESA.
The South Florida office market has entered the recovery phase, which puts
it ahead of the markets in Tampa, Orlando and Atlanta in the Southeast according to a recent survey from accounting giant PricewaterhouseCoopers. For more information at http://westhorp.com/v-10293-Environmental-Site-Assessments
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