Learn at Lunch: Phase 1 Environmental Site Assessments - 2021 ASTM Updates

Phase I Environmental Site Assessments are a required part of due diligence for most commercial real estate transactions. The main purpose is to uncover any potential environmental issues to qualify the buyer for bona fide prospective purchaser defenses. In November of 2021, the American Society for Testing and Material released a few important changes to the standard practice that guides the completion of Phase I ESAs that may affect the scope, cost and most importantly timing of a Phase I investigation and report. To shed some light on what those changes could mean for your site development project, HDC member Langan provides a thorough review of what exactly a Phase I report covers under the new standard, how to efficiently read the report, as well as touch on other environmental considerations, such as asbestos and wetlands, that are of importance to consider.