The so-called “Great Recession,” which lasted from 2007 to 2011, had huge impacts on the real estate and financial industries. It also had significant secondary effects on the environmental remediation business. The recession created an instant surplus of properties, many of which went back to banks and lenders. This made the desirability of tackling the challenges of environmentally impacted properties moot.
In the late 1990’s, as a result of decades of regulatory driven clean up actions, many state agencies developed voluntary clean-up programs. These programs offered real estate developers opportunities to repurpose impacted properties with less regulatory difficulties and ultimately, less cost and time.
Fast forward to 2014. This is when a significant portion of the surplus real estate began to be absorbed, creating opportunities and renewed interest in Brownfield property development.
ET Environmental is experienced and well equipped to handle the expanded interest in Brownfields clean up and development. The company has a long history of this type of work, is currently working on two very large projects, and is seeking additional similar opportunities. The old real estate adage of “location, location, location” is a truism and environmental challenges such as Brownfield sites can successfully be overcome through voluntary clean up actions. Those valuable properties can be successfully put back in productive use.
For more information or to speak with one of our Brownfields experts, contact us today.