Targus was retained to perform an environmental site assessment (Phase I ESA and additional non-ASTM services) of approximately 90 acres improved with an approximately 1.3 million square foot (sf) lifestyle center. The center included 700,000 sf of retail space, 385,000 sf of class A office space, 400,000 sf of residential buildings, three multi-level parking garages, three retention ponds, seven detention ponds, an outdoor amphitheater, a walking trail, parking lots, and landscaped areas.
Significant adjoining and nearby regulated facilities included dry cleaners and gas stations with identified releases. Targus reviewed available file information pertaining to these facilities obtained from the Texas Commission on Environmental Quality and various other regulatory agencies to confirm that the regulated facilities were demonstrated not to constitute recognized environmental conditions to the subject property. Additional research confirmed that habitat impact for endangered species had been properly authorized in historical covenants. Targus found that odor control measures and prevailing wind directions mitigated nuisance complaints. Additionally, Targus verified that a formerly-adjoining solid waste facility (identified in database as a “landfill”) had been, since its construction, a community waste transfer station rather than a location for land disposal.
Targus noted that the subject property was previously used for agricultural purposes, including the growth of grass-type and tree crops and had been improved with several former buildings associated with an on-site farmstead. The on-site farmstead housed water wells, septic systems, underground storage tanks (USTs), and aboveground storage tanks (ASTs), without documented releases. Additionally, a pond was formerly located on the subject property, but had been filled in the 1980s/1990s. Targus reviewed prior environmental assessment reports documenting well plugging activities and the removal of two ASTs, one butane UST, and three septic tanks. The reports documented crushing and removal of corrugated metal culvert piping and portions of crushed automobiles. Based on the nature of documented conditions and absence of regulatory listings indicative of releases or violations associated with the former tanks, historical agricultural activities, and on documented removal of the historical features (including wells and septic systems) together with observations during pre-construction grading, the former subject property use was not considered to be a recognized environmental condition.
Upon acquisition, the subject property was automatically eligible for unqualified inclusion in the portfolio insurance policy.