Phase I and II ESAs – Historic Italian Village Commercial Property – Benchmark Bank – Columbus, Ohio
STONE was contracted in early December to perform a Phase I Environmental Site Assessment (ESA) for a commercial real estate transaction in Historic Italian Village that was scheduled to close on December 31. A recognized environmental condition (REC) in the form of a dry cleaning facility operating on an adjoining property was identified both through historical information and a site visit. Due to heavy snow cover encountered during the initial site visit, a second site visit was conducted. A Phase II ESA was recommended and approved by the lender, keeping in mind of the upcoming closing date of December 31st and taking in to consideration the holiday season.
STONE personnel made immediate arrangements with the drilling subcontractor and completed the Phase II ESA field work. STONE also worked very closely with the laboratory to expedite laboratory analytical results for soil and groundwater samples. STONE’s final report recommended no further actions. The turnkey Phase II ESA was completed within 5 business days, meeting the objective and delivering the final report two days before the scheduled closing date for the property transaction.