Eloy is a city that covers 113 square miles of land outside of Phoenix. There are a number of land parcels available as possible commercial real estate projects, and this means Phase 1 ESA’s are necessary. An environmental assessment must be done in order to establish the parameters of the land in question and determine if it is a viable option for the building project.
With water nearby, it’s important to work with an environmental consulting firm, especially an Environmental Firm in Eloy, AZ that is experienced with the land in Eloy and the surrounding area. Contamination is a concern for any commercial plot of land, and hiring an experienced environmental consulting firm is vital.
Getting a Phase 1 ESA will protect you against CERCLA or the Comprehensive Environmental Response, Compensation, and Liability Act. Additionally, most lenders will require you have a phase 1 ESA before a commercial real estate transaction can go through to completion. An Environmental Site Assessment is designed to protect the buyer and seller, as it reveals any potential environmental hazards on the property. The assessment unveils problems that can lead to construction delays and will identify if the property is a good fit for the commercial investor.
To invest in commercial real estate property, you’ll need to have a Phase 1 ESA. The first step is for a site visit to occur to look at the conditions of the property and to compare the current conditions with the surrounding properties.
In the second step, all records that relate to the environmental conditions of the property are reviewed. The local, tribal, state and federal regulatory databases are reviewed to find out where storage tanks are underground, and to review if there have been any toxic substances released.
To get a clear view of the history of the property, any current and past property owners are interviewed to discuss environmental concerns with the property.
Are you looking to get a Phase 1 ESA report in Eloy, AZ? Contact GPI today