Private Project Experience
Contaminated Property Divestiture - Connecticut
Over the last decade this billion-dollar real estate development company had divested a majority of its real estate portfolio. In 2003, only a few properties remained in the portfolio, one which was complicated by historic environmental contamination.
Vita Nuova was retained by Pepe & Hazard, LLP to assess the value of the multi-story mixed use building and develop a strategy for successfully transferring ownership. Vita Nuova evaluated the property by estimating remediation costs versus property value and market potential. The analysis showed that a non-traditional market existed for the sale of the site.
Vita Nuova was then given the assignment to market the site and help effect a transfer before the end of the year. Vita Nuova contacted all brownfield redevelopers and other entities that had demonstrated success in developing these types of properties. By the end of October, a purchase and sale agreement was signed pending due diligence. Vita Nuova worked with the buyer and seller's representatives to complete due diligence and develop an environmental escrow agreement which allowed the buyer to purchase the property for a small amount of cash while agreeing to fund the remediation and meet a series of milestones based on regulatory and financial targets.
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