Environmental issues can wreak havoc on otherwise sound real estate projects. While business risk is inherent in all real estate ventures, overlooking environmental issues is a path fraught with challenge and trouble for parties who fail to properly identify, evaluate and manage environmental concerns.
With an improving real estate market, developers, investors, lenders and others are getting reacquainted with properties that have known or potential environmental issues. Many of these properties would be desirable for acquisition, financing and/or investment without environmental challenges. Despite the challenges, there is tremendous upside for those who can properly identify, evaluate and manage environmental risks and those who do so can benefit from the opportunities these challenging projects provide.
Chicago Real Estate Professionals presented a panel of distinguished environmental experts who shared their views on how to maximize opportunity and minimize risk from properties with known or potential environmental issues.
Topics included:
- The importance and value of thorough due diligence and appropriate risk management;
- Key dynamics, strategies and factors/considerations related to successful transactions involving environmentally impacted real estate;
- Key issues, factors and considerations related to successful redevelopment of environmentally impacted real estate; and
- Important post-closing issues, factors and considerations to avoid surprises and problems after the transaction is completed and to maximize property value.
Panel includes:
Joshua E. Joseph, Founding Partner and Principal, Frontline Real Estate Partners
Wayne R. Smith, President, Pioneer Environmental Services, LLC
Richard P. Reich,Senior Vice President, Marsh Global Environmental Practice
Adam Meek, Managing Environmental Counsel, Brown, Udell, Pomerantz & Delrahim, Ltd.
Moderator:
Michael J. Delrahim, Managing Partner, Brown, Udell, Pomerantz & Delrahim, Ltd.