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BrownfieldsCEA is noted for being one of the first central Massachusetts companies to unlock the value of contaminated land through remediation and redevelopment, commonly known as Brownfield property development. We combine and direct the strengths of our environmental remediation group, technologies, project and contracting capabilities, and risk management to provide a uniquely integrated total-solution approach. The concept of renewal and reuse of contaminated real estate has been developed by CEA over the last eight years in order to take advantage of the opportunities that exist for the rehabilitation and subsequent development of environmentally impaired real estate in urban areas. As one of the leading environmental technology and service providers in Massachusetts, CEA's business includes the assessment and remediation of contaminated sites. Brownfield development is the art of reclaiming contaminated sites. The U.S. Environmental Protection Agency (EPA) defines Brownfields as "abandoned, idled or under-used industrial and commercial facilities where redevelopment is complicated by real or perceived environmental contamination." Estimates show that there are more than 500,000 contaminated sites located in core urban areas in the United States. Typically in urban areas, these sites have the potential to be developed for commercial, recreational or residential use. Most Brownfields are abandoned, provide no employment opportunities for the local community and do not reach their full economic potential. It is CEA's experience that remediation contracts are rarely awarded unless the contaminated site could be brought into productive use. In addition, corporations owning contaminated sites often establish a liability on their balance sheet for the remediation costs associated with such sites. These reserves may constrain a company's borrowing capacity, and the contamination usually restricts the marketability of the sites. To deliver greater value to our clients as well as enhance our own remediation business, we began to invest in the business concept of renewal and reuse of such sites. Renewal and reuse of contaminated real estate combines the skills and knowledge base of real estate development with environmental remediation and risk management. With CEA's recognized expertise in soil remediation, our innovative technologies and the skills and experience of our real estate subsidiary, we are successfully converting contaminated (Brownfield) land into valuable real estate for development. |
