By Kathryn Peacock, Partner Engineering and Science, Inc.; Vanessa Chambers, Nova Consulting; John Green, Green Environmental Management; and Tim McGahey, AKT Peerless Environmental Services
Published in EBA Journal, Winter 2024 | Volume 9, Issue 1
“Why Do I Need a Phase II Investigation?” How many times have we heard these words? Be it from our clients, loan officers, or borrowers, it is a common question because a Phase II investigation requires additional expenditures and time. From experience, environmental professionals inherently know what property types or features have a higher likelihood of contamination, and prior Environmental Bankers Association (EBA) studies (2012 and 2015) have provided pertinent information around the likelihood of contamination.
Nevertheless, in 2023, a new study offering more in-depth research into the frequency of contamination was undertaken by fifteen EBA member firms (including Partner Engineering and Science, Inc.). The resultant dataset is much larger than prior studies and provides conclusive evidence to substantiate the recommendation for additional investigation. This blind, unbiased data collected from Phase II investigations across multiple states promises to be extremely valuable to both environmental and commercial real estate professionals.