Abstract
Risk is generally defined as the probability of the occurrence of an event multiplied by the consequences, should the event occur. On brownfield projects, key risk areas include retroactive cleanup liability, regulatory compliance and permit approvals, and lender concerns about return on investment. These risks can generally be classified as inevitable, unlikely, or minimized/avoidable if managed properly. Contamination of environmental media such as soil, groundwater and surface water, and sediment has traditionally been the focus of environmental assessments of properties being considered for redevelopment. Significant costs and liabilities may also be associated with contaminated structures, hazardous building materials, residual wastes within the building system, and physical assets such as production equipment that is not part of the building system. Over the years, processes to assess and clean up contamination of environmental media have been developed. The American Society for Testing and Material...
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