TerraSure, Risk Free Real Estate Remediation Back to the TerraSure Home Page

Projects

New York Avenue Site Remediation

Location: Trenton, New Jersey
Context: Real Estate Remediation
Status: Active

Problem

New York Avenue Site RemediationThe owners and former tenants of a building contaminated with polychlorinated biphenyls (PCB) were deadlocked in a dispute over environmental cleanup cost allocation and liability. The building had been used for various commercial and manufacturing operations during a 30-year period, and the owners and former tenants could not agree on each party’s responsibility. Various consultants tried to develop estimated costs for the individual parties; however, the estimates needed to be widely open-ended due to the unpredictable total costs of cleanup and regulatory site closure. The detection of PCBs at the site added another dimension of uncertainty, due to the potential premium charges for transportation, treatment, and disposal of these materials.

Solution

TerraSure Development, LLC provided a guaranteed fixed-price remediation (GFPR) agreement to solve this complex and potentially litigious environmental issue involving contaminated real estate. Our firm reviewed the site specific environmental and regulatory documentation that had been produced over the years and determined a fixed price to take over the cleanup costs for all known and unknown site contamination in the soil, groundwater, and in the building material itself.

Benefit

Our firm’s GFPR contract facilitates the achievement of regulatory closure, regardless of the ending cost outcomes. The certainty of our fixed-price remediation allowed building owners and former tenants to agree on fair cost allocations, conveniently, without the need for litigation. In addition, our firm provided the parties indemnification from third-party claims and legal fees, through the strategic use of environmental insurance placed through highly rated and secure providers.