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By Tai T. Hubbard, LPG, Hydrogeology, Inc.  

The old man might be gone, but the smell of the old gasoline service station lingers.  Based on location the property could list for $500K, but the apparent environmental concerns bring in a contingent offer at half of the market value.  The financial slap in the face causes the current property owner to either hold off or reconsider selling at all.

Over the past 17 years I’ve see the above scenario play out multiple times.  Whether it’s the corner gas station, former industrial/commercial facility, or existing manufacturing plant, or vacant railroad property, redevelopment hits a dead-end due to the fear of contamination.  This is a huge problem for both the property owner and the community as the real estate is eventually abandoned or rented out to the lowest bidder.

I have developed a process that greatly increases the likelihood of redevelopment success.  Prior to even listing a property with suspected (let alone known) environmental conditions, the following steps must be taken:

Beyond Step 2, the scenarios become site specific.  The basic idea after educating the property owner is to provide an approach on how to manage and control the environmental liabilities at hand.  I started my business to improve the redevelopment process as the environmental industry as a whole does not assist with this process as stated without an unlimited budget and signed contract for their services. More importantly they do nothing to help protect Grandpa’s family inheritance.  I believe that true business development begins with a personal relationship based on sound and real advice.   If this is done correctly everyone wins!

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