Key Takeaways
- Environmental assessments ($2K-$10K) before acquisition can identify liabilities worth hundreds of thousands of dollars.
- Regulatory risks from historic commissions, zoning, building codes, and ADA require early engagement during planning.
- Contingency reserves of 20-25% are appropriate for gut and historic renovation projects.
- Stress-test pro formas against 20-30% cost overruns and 10-15% value reductions to confirm project resilience.
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Test Your Knowledge
1.What is the cost of a Phase I Environmental Site Assessment?