PFAS, Due Diligence and Real Estate Development The Latest Environmental Concern and How it May Affect the Process
Posted by [email protected] on Dec. 16, 2022
PFAS have been the subject of many recent studies which show that they are even more wide-spread than before thought. Recently, both federal and state agencies have proposed or enacted legislation that would set action levels in both soil and groundwater for these chemicals. This includes newly revised practice standards for Phase I Environmental Site Assessments (ESAs) by the American Society for Testing and Materials (ASTM) which has included the evaluation for the presence of these chemicals as a “Business Environmental Risk” (BER) when conducting Phase I ESAs. As a result, environmental risk evaluation and property valuation during property redevelopment is now even more complicated due to the constantly changing regulatory status of PFAS. The recently updated ASTM standard has provided some well-needed standardization, but given the wide range of legislative positions, it is likely to remain an important topic for discussion among environmental consultants, regulators, developers, lenders and attorneys for some time.
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