The subject property was approximately 27 acres improved with a 22-story hotel, a three-story shopping mall, a single-story commercial building, and five parking garages completed in two phases (the early 1980s and 1996 through 2003). The subject property was located in an area characterized by surrounding office buildings and retail businesses.
Dry cleaning activities were documented to have been conducted at the subject property in the hotel basement from 1987 until 2003. Investigation completed in 2005 confirmed a release to the subsurface that was assessed in accordance with provisions of the Texas Commission of Environmental Quality (TCEQ) Voluntary Cleanup Program (VCP). Groundwater impact was limited to a small area at concentrations below applicable standards for Class 3 groundwater. Affected soil did not extend beyond the hotel portion of the subject property. The assessment report documented achievement of conditions protective of human health and the environment, including residential occupancy and indoor worker inhalation at a cancer risk less than 1X10-6. The TCEQ issued a Final Certificate of Completion without activity and use limitations protecting future owners from state and federal regulatory liability.
Based on the demonstration of protectiveness, together with the liability protections offered by the TCEQ VCP Certificate, the client chose to proceed with its acquisition.