TRC Expedites Redevelopment of Former Industrial Property

When an electronics manufacturing facility ceased operations, environmental investigations discovered extensive soil and groundwater contamination that complicated redevelopment efforts.

The facility—sitting on 70 acres of prime commercial real estate—had used solvents, including trichloroethylene (TCE), to clean equipment and circuit boards manufactured at the site. A decision to close the facility and sell it to recoup its latent real estate value triggered the initiation of a state-regulated cleanup program. While the seller addressed many site issues, the groundwater issues remained unresolved leading to extensive delays in both the redevelopment and site environmental restoration.

For a fixed cost, TRC developed an Exit Strategy solution designed to garner approval from the local municipal authorities to allow redevelopment to proceed and from state regulatory agencies to implement a more cost-effective but environmentally protective solution. TRC provided both seller and buyer with a reliable and affordable option that met their short- and long-term goals. In addition, the relationship that TRC forged with the local municipalities and its established relationship with the state regulatory agency, facilitated approvals and enabled the project to move forward in an expedited timeframe.

TRC Exit Strategy Solutions
Exit Strategy relieves companies of the burden of managing discontinued operations and removes impediments to recovering latent value from distressed assets.

• Assumed the risk for gaining regulatory approval
  TRC redesigned the remedy to a more cost-effective approach and assumed the responsibility to have the new remedy accepted by the regulatory agencies.

• Facilitated redevelopment by adapting the remedial strategy
  TRC’s approach allowed the developer to proceed with the redevelopment prior to completion of the remediation of the environmental issues.

• Encouraged community support and fostered positive relationships with the developer and local municipality
  TRC worked with community leaders, municipal officials and state regulators to obtain approval of the redevelopment prior to the remediation being completed. TRC’s proactive engagement of local and state officials resulted in an accelerated redevelopment of the property.