One of the important aspects of buying and developing a commercial property is the assessment of the property. It’s important to know what potential environmental risks the property can impose. And when it comes to assessments, a phase 1 environmental report is needed.
Usually, investors or properties being developed will require a phase 1 environmental report first.
What Goes Through the Phase 1 Environmental Site Assessment?
When this process is conducted, experts will go to the site and test it for potential contamination by getting some samples of the land and soil. They will also conduct an investigation into the history of the property and what it was used for in the past. They will check how the wastes are disposed of and if there are some features of the structure such as storage tanks that need to be investigated.
The Importance of a Stage 1 Environmental Report
A stage 1 environmental report is needed as a form of compliance with the local rules. Check your federal rules. By not following these rules, you could be fined or legally held liable for damage or injuries sustained as a result of environmental hazards.
Perhaps the most important benefit of an environmental report is to uncover whatever environmental risk the property has. You never know what that property was used for in the past unless you do some digging about it. It could have been used for industrial production and there could be chemical remnants in the property.
The investigation can also determine whether there are contaminants still lingering on the property. These contaminants can be found in your water source. Not knowing that there are contaminants in the water source can put the people using the water at risk.
Doing your environmental due diligence also protects your financial assets. Finding out later on about contamination can set you back significantly in the financial department. Better to deal with these issues now before you start the development of the site. Additionally, you can also avoid the financial risks of legal liabilities.
Performing environmental due diligence allows you to also find the most cost-effective site development solutions. You can start incorporating eco-friendly or sustainable means to ensure that the development process will not cost you more than you want to spend.
Environmental due diligence also uncovers more information about the land you are working with. This can be beneficial in deciding how to build a structure. So, if the property has loose soil, you can work with your contractor to opt for building methods that can reinforce the foundation to prevent erosion.
Work with an experienced environmental consultant. Make sure you talk to Next Environmental to find out what can be done to rehabilitate lands that have contamination issues.
Shane Aston is the author of this article. To know more about Environmental consulting in Kelowna please visit our website: nextenvironmental.com
