Developer Lesson 2: Don’t leave money on the ‘water’ table
While the process is far from simple, there is money to be made in the purchase of polluted land. Contaminated sites are often offered at a discount, after all. That spells opportunity. But unseen, unexpected costs can eat into your profits.
Groundwater, for example, may be the site’s real problem, and it may have moved off-site and down the block (or two).
When you are faced with the decision about whether or not to snatch up a well-priced development site, it’s worth consulting an environmental lawyer. We can help you seize the right opportunities, at the right price, with the right protections built into the deal. And information will be key. For example, there is a Groundwater Management Bulletin that was published by the City of Vancouver that provides rezoning and development permit applicants with information on the process and submission requirements related to groundwater management at development sites.
Have questions about possible unseen contamination? Contact Richard Bereti (email@example.com) or Una Radoja (firstname.lastname@example.org).