Phase I, II environmental assessments & ISRP

[Taylor Billman]

My business partner and I are doing due diligence on an adaptive reuse project.

The building is an old industrial / manufacturing building that has been vacant for years. With zoning changes in the works for residential / commercial mixed use there is a big opportunity.

We will need to have an environmental assessment done. Hopefully just a phase I but don’t doubt a phase II will be needed.

When is the best time to apply for Industries Site Reuse Program? I’m presuming it’s only worth the paperwork and time if a Phase II is required.

Has anyone had experience with ‘Non Prejudicial Approval’ that allows you to start a project before approval and then go back to count the costs incurred?

Thank you!

-Taylor

[Mayer M.]

@Taylor Billman

Where is this property located?

The bank funding the construction of your project will want to see a phase l & ll especially if it has a history of industrial/manufacturing uses.

Costs can be huge if there’s contamination and could possibly blow up the whole deal. I would strongly suggest doing the phase l&ll prior to closing

I’m in the middle of something similar and the due diligence, cleanup, and act 2 is going to cost roughly $250k and the site is only 0.15 acre (6655sf). Do you have experience with anything like this?