One of the most rewarding aspects of the The Reynolds Group is the opportunity to help transform blighted, “brownfield” properties to their highest and most beneficial use.
For example, a small private developer purchased a property on 3rd Street, just west of downtown Los Angeles, in a distressed tax sale. The property had been abandoned by the previous owner and lay fallow and contaminated. The best plan of the property is to create a mix-use, multi-story commercial residential development with subterranean parking.
Since of some of the property’s unique attributes, such as being abandoned and unused, urban-California State Funding was available to pay up to $1.5 million for remediation directly to the developer. The Orphan Site Cleanup Fund (OSCF) is a financial assistance program within the Division of Financial Assistance. It was established to provide financial assistance to eligible applicants for the cleanup of brownfield sites where there is no financially responsible party. The developer was admitted to the OSCF and was able to perform practical remediation. The Reynolds Group’s costs were pre-approved by the OSCF and then was engaged to complete the assessment and the remediation.
Stakeholders included the City of Los Angeles Redevelopment Agency and the Los Angeles Regional Water Quality Control Board, arm of the State of California Environmental Protection Agency. TRG was able to provide satisfactory updates to the developer’s lenders and equity investors.
A successful closure of the property required an expert’s knowledge of regulations and procedures. TRG worked closely with the Client and the OSCF to ensure costs were reasonable and subcontractor trades could be coordinated within tight schedules in a very compact urban physical working environment. The downtown area of the City of Los Angeles was undergoing a beautiful metamorphosis and resurgence. TRG is proud to be part of restoring downtown LA.
Please consider TRG’s expertise to respond to your Environmental Due Diligence and Remediation needs. TRG can work with your team of developers, financiers, lawyers, and local city officials to implement sensible plans.