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In this episode, Jonathan talks with Preston Brooks, partner with Cox, Castle, & Nicholson. The firm is a premier law firm that services all things real estate in California. Preston specifically works with developers and municipalities in the cleanup of brownfield and otherwise contaminated sites that could serve a better use. with redevelopment. In this conversation, we discuss the liabilities for developers of brownfields, potential sources of funds for cleanup, and we go deep into an ongoing project in Lynwood, CA where a known contaminated site is being cleaned up and redeveloped into a grocery store in a food desert.
Takeaways
- Brownfields are contaminated sites that complicate redevelopment due to the presence of hazardous substances or pollutants.
- Phase One Environmental Studies are a common tool used to assess the environmental risks of a property, but they may not identify all potential issues.
- Investors and developers face risks and liabilities associated with cleanup costs, third-party exposure, and regulatory compliance.
- When considering properties with potential contamination, it is important to conduct thorough due diligence, consult with environmental experts, and assess the risk-reward balance.
- Redevelopment projects in disadvantaged communities can benefit from state grants and tools like Clara Agreements to address cleanup and liability concerns.
- Early involvement of environmental consultants and collaboration with regulatory agencies can help navigate the complexities of brownfield redevelopment.
Connect with Preston:
https://www.coxcastle.com/professionals-brooks-preston-w
Email Jonathan with comments or suggestions:
podcast@thesourcecre.com
Or visit the webpage:
www.thesourcecre.com
*Some or all of the show notes may have been generated using AI tools.
