Why You Should Make an Environmental Site Assessment a Priority Before Developing a Property
Due diligence or the process of conducting an Environmental Site Assessment (ESA) for potential environmental liabilities is important as organizations may purchase or develop land. The process assesses contamination risks, ensuring regulatory compliance and safeguarding future property occupants from unseen hazards. A Phase-I Environmental Site Assessment Report usually takes place in two parts. The Phase I ESA includes the analysis of historical land usage, on-site inspections, and the determination of potential environmental risk. However, if potential risks are discovered, a Phase II ESA becomes essential, including testing of soil, water, and air to validate contamination levels. Environmental Site Assessment are used by investors, developers and lenders to minimize legal and financial liability. Contaminated land can result in expensive cleanup, delays in the project, and potential liability for environmental damage. An early ESA allows stakeholders to mak...