Seeing the phrase “Phase 3 remediation recommended” in a Phase 2 environmental site assessment (ESA) can be shocking for a commercial real estate buyer or landowner. Phase 3 remediations can be labor-intensive and costly endeavors. However, all hope is not lost.
If you face a Phase 3 remediation, you can protect your asset. To do so, you will need to partner with an experienced remediation firm like RSB Environmental. We have helped countless clients navigate the challenges associated with site remediations. Many of these clients have gone on to turn their investments into revenue-generating assets.
To help you make the right next step, we have created this guide to Phase 3 remediations. We outline what to expect and potential costs. This guide will assist you as you decide whether to cancel a deal, sell your asset, or move forward with your original plans.
Counting the Cost: The Financial Implications of Remediation
It’s no secret that remediation can be quite expensive. Remediation involves complex processes like removing contaminated soil and purifying groundwater. Accomplishing these goals is labor-intensive and time-consuming.
Fortunately, there are ways to mitigate remediation costs. First off, you can keep the scope of the remediation narrow. For example, during the Phase 2 ESA, assessors might uncover numerous contaminants. But, not all of these contaminants have to be addressed.
State governments and the federal government set contaminant thresholds for each substance. If some of these contaminants are below those thresholds, they do not require remediation. This process of elimination allows remediators to focus on pertinent areas of the site. In turn, this can reduce total remediation costs.
When Will I Have an Estimate for Remediation Costs?
Remediation cost estimates should be provided as part of the Phase 2 ESA report. However, this is not always the case. Some firms compose remediation estimates as a separate service. If remediation quotes are not included, you can always request them.
Does your quote from another firm seem excessive? Don’t worry. RSB Environmental can provide you with a new quote using the Phase 2 ESA report. Using the existing report reduces your out-of-pocket expenses and saves you time.
However, if you received a Phase 2 ESA from us, we outline what issues need to be addressed and provide proposal for estimated completion timelines.
What to Expect During Remediation
The first step to remediation is determining the scope. We use the findings of Phase 1 and Phase 2 ESAs and compare them with relevant state and federal guidelines. This approach ensures that our remediation efforts improve your land’s usability.
After we create a scope, we discuss your vision for the site. Before starting remediation, we verify that our scope aligns with your vision. For instance, let’s say you want to build an apartment complex on a property. In this case, we need a scope that makes the land usable without residential housing restrictions.
Next, we outline our remediation efforts, which may include the following services:
- Soil removal
- Groundwater purification
- Capping contamination sites
Our plan will explain what each of these actions entails. It will also identify where these efforts are being carried out.
Remediation efforts can take anywhere from six months to two years. The timetable and cost will vary based on the severity of the contamination. We are fully transparent about these details in our written estimates.
Why Work with RSB Environmental?
RSB Environmental always acts in the best interest of our clients. We have a wealth of industry experience and have completed countless remediations. Our team works with transparency and strives to operate within your established budget. Most importantly, RSB Environmental produces results.
Would you like to learn more about Phase 3 remediations and your projected expenses? If so, then schedule a consultation with RSB Environmental. We will gather additional information about your site, project, and existing Phase 1 or Phase 2 ESA reports.
We look forward to providing you with the appropriate level of support to protect your interests in commercial real estate property.