An emerging environmental issue is creating liability for property owners and driving down property values nationwide. It’s called vapor intrusion, and the concern is so serious that regulators in at least three states have reopened formerly closed properties to examine an issue that’s especially important to Brownfield developers: the potential for vapor intrusion is considered one of the most significant obstacles to the safe reuse of contaminated property, and thousands of properties slated for redevelopment may be affected.

While a vapor intrusion condition can be challenging, it need not kill a redevelopment deal. Early assessment is key, because it’s far easier and far more cost effective to address the issue in the planning stages of redevelopment rather than after the fact. ASTM International released a national vapor intrusion standard, E 2600 March 3, 2008, which could have a significant impact on brownfield projects for two important reasons; it defines “good commercial and customary practice” for assessing vapor intrusion risk, and many lenders are willing to adopt the standard into their environmental policies.   ...

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