Weaver Consultants Group (WCG) provided environmental due diligence services for a multi‐million dollar capital investment associated with the acquisition and redevelopment of a former steel mill in Sparrows Point, Maryland (the Property). The Phase I ESA was performed for a 3,100‐acre property home to a turn of the century steel plant. The client also needed to evaluate a number of key business issues including the closure options for two onsite landfills, estimation of environmental response costs associated with obligations under an existing RCRA Consent Decree, liabilities and costs associated with an existing on‐site wastewater treatment plant (WWTP), and potential costs associated with Natural Resource Damage (NRD) liabilities. This acquisition became one of the largest real estate transactions in the Country and will become one of the largest sea ports and logistic centers located along the East Coast.
WCG helped to make it happen. We were the “go to” consultant for environmental matters. We worked closely with multiple stakeholders to help the buyer develop an understanding of the risks and long term costs associated with managing cleanup of the Property and creating a “market ready” condition for prospective end users. WCG developed estimates that became the starting point for creation of a $48M monetary reserve that secured the environmental regulatory obligations of the buyer. WCG was instrumental in the development of agreements established between the client and the Maryland Department of Environment (MDE) and USEPA to structure future investigation and remedial actions. Based on our role as trusted advisor for this client and the “good will” that was engendered with the regulators during negotiation of the agreements, WCG was selected to fill the role of Project Coordinator. Finally, as a result of our role in this project, the first high profile, anchor tenant of the Property, FedEx Ground, retained WCG to conduct investigation and response action on their behalf.
To complete the project, the EPG relied on resources from multiple Practice Groups. Members of the Southwest Practice Group evaluated the on‐site landfills and prepared proformas for closure options. In response to concerns regarding unsafe on‐site conditions, the SBI group’s geotechnical expertise was leveraged to consult on deep excavations near the Patapsco River (tributary to the Chesapeake Bay). The SBI group also provided assistance with conceptual site development planning documents and schematics, which were used within materials presented to insurers and investment capital partners. The SBI Survey team delivered a metes and bounds survey in 24 hours when the client’s expectation was that it would take weeks. Finally, North Central Solid Waste contributed by peer reviewing a slope stability analysis completed for one of the existing landfills on the Property.