www.marejournal.com
10A —April 27 - May 10, 2018 — Spring Preview — M id A tlantic
Real Estate Journal
E nvironmental /R emediaiton
he commercial and industrial real estate market in New Jersey By Michael Sylvester, EWMA SECUR-IT ® programcombines business, insurance, and technical elements to manage risk &meet overall project goals T
day responsibility of managing environmentally distressed properties to the private sec- tor by utilizing environmental professionals that are licensed by the State. This has sped up the remediation process of contaminated properties in New Jersey considerably and has allowed developers to redevelop thousands of brown- fields into useful and valuable properties. EWMA’s SECUR-IT ® Guar- anteed Fixed-Price Remedia- tion program combines busi- ness, insurance, and technical elements to manage risk and
be developed into residential, commercial and industrial buildings is being driven by two trends: the desire people have to live near urban areas and the need for warehouse space to fulfill the demand generated by internet-based businesses. This year has already prov- en to be one of the best times for developers to pursue re- development of brownfield properties. Brownfield rede- velopment is a key compo- nent in building strong local economies in New Jersey, as it returns unusable properties
back to uses that benefit the community. There is a great amount of support on both the local and State level for re- development of these proper- ties that have environmental legacies. An important component of the renewed interest in redeveloping environmentally distressed properties is New Jersey’s Licensed Site Reme- diation Professional (LSRP) program, which is a product of the Site Remediation Reform Act (SRRA) that was enacted in 2009. The LSRP program is designed to shift the day-to-
meet overall project goals. The program has played a key role in providing the cer- tainty needed by lenders and investors to provide funding to remediate and redevelop environmentally distressed properties. The SECUR-IT ® program often plays a criti- cal role during the sale of environmentally distressed properties, as both the sell- ers and buyers can rely upon the fixed cost provided by SECUR-IT ® and the fact that the cleanup is under contract to be completed. In some circumstances, SE- CUR-IT ® has proven to be the only way to get all the parties to the table to move forward with a real estate transaction that involves an environ- mentally distressed property, since it provides predictable timing, budgeting, and accu- rate estimation of return on investment calculations. The main benefit of the SECUR- IT ® program is the cap on remediation costs and limited environmental liability that it provides, which are needed by developers to ensure that their remediation costs are understood and fixed. Developers have many tools they can utilize to take advantage of the numerous opportunities to redevelop environmentally distressed properties within New Jersey, which have a great amount of value that can be unlocked once they are cleaned up and redeveloped. In addition to the LSRP program that has sped up site remediation and the SECUR-IT ® Guaranteed Fixed-Price Remediation pro- gram that provides certainty in an uncertain world, the New Jersey Economic Development Authority (NJEDA) offers several programs to assist de- velopers seeking to redevelop environmentally distressed properties within the State. Michael Sylvester is ex- ecutive vice president of EWMA. Sylvester is respon- sible for managing the day to day business operations. In addition, he is also responsible for the overall management of EWMA corporate business planning and development efforts. Sylvester has over twenty-seven years of public/ private sector experience in the environmental industry and is recognized on both National and State levels as a leader in Brownfields.
i s hea l thy a n d c u r - rently grow- ing. Due to the lack of developable land and the strong econ- omy in the state, devel-
Michael Sylvester
opers are now looking to devel- op brownfield properties that are usually passed over due to environmental concerns. The need for brownfield sites to
Offering innovative, cost-effective environmental solutions
Real Estate
Remediation
Compliance
• Due Diligence for Property Transactions • Phase I & Phase II Environmental Site Assessments • ISRA • Expert Services & Litigation Support
• SECUR-IT ®
• Asbestos Survey & Abatement Services • Environmental Data Compliance Management • Permitting Services • Water Resource Development
Guaranteed Fixed- Price Remediation
• Turnkey
Remediation Services
• LSRP • Bioremediation
& Innovative Technologies
An Environmental Consulting & Remediation Firm Parsippany, NJ • info@ewma.com
973-560-1400 • www.ewma.com
Made with FlippingBook Learn more on our blog