E&LP evaluated fourteen (14) residential and commercial properties located in Ventnor New Jersey that were part of a portfolio that was foreclosed upon by Bancorp. The assessments were focused on the potential environmental cost liabilities present at each subject site. E&LP immediately classified the sites as low, medium and high potential risk sites, so the portfolio could be segregated and the sites with no impacts could be immediately offered for sale. Ground Penetrating Radar was run at all fourteen sites to identify any underground storage tank issues.
For the medium to high risk sites where USTs were located, E&LP conducted Phase II site investigations to determine the integrity of the identified tanks, the most significant being four (4) USTs located under the side walk of an active restaurant that was formerly a gasoline service station. Through the Phase II investigation, E&LP was able to provide cost estimates to remove the tanks and any associated subsurface impacts. These cost estimates augmented with a 1.5 multiplier served as the basis for a cost deduct in the sales price of only the environmental impacted sites. Collectively, the property transfer resulted in a positive outcome for the foreclosing entity.
Key Project Information
Location: Ventnor, New Jersey
Phase II Site INvestigation
Regulated UST Closure and Removal