EPA-Brownfield program- buying an old furniture factory land

[Sree Vad]

I am finding an Auction of around 18 Acres land, which previously was having a furniture factory on it in North carolina. The land is in midst of town, next to lot of retail outlets and is around $20k/ Acre.

There used to be around 120k sft of furniture manufacturing/ warehouse there,which has been all demolished now. But there is still foundation slab of around 98k sft. There was a heating oil storage tank which was excavated from the site in 2010, groundwater report was clean, but soil report had findings next to excavated area. 

The property is in auction, looks attractive, but with the online auction and no contingencies or time for doing due diligence. I am wary about it. 

I am concerned about if there would be any potential exposure to Environmental issues if found,  The area is experiencing good growth with new outlets/ businesses.

How do we limit our exposure, Is there any type of EPA Brownfield program, which if we join will limit our exposure.

Our idea is to buy it with own pool of funds from frends,  and later build public storage on the existing slab. 

How does the re-financing of this work out.

I welcome your inputs.

[Greg Dickerson]

@Sree Vad you never want to buy land for development until you get all your approvals and permits. Especailly when using investor money. The last thing you want to do is buy a property you can't develop the way you hoped and lose the investment. I would skip the auction and wait to see if the property sells. If not you can then approach the owner with an offer contingent on all approvals to do what you want to do.