Owners of contaminated property in New Jersey may soon have a new financial tool at their disposal as they remediate the sites and prepare them for potential redevelopment.
Comprehensive updates to New Jersey’s 2009 Site Remediation Reform Act (SRRA), signed into law on August 23, will impact how thousands of properties in the state are remediated and redeveloped.
Technical changes to the 10-year-old Site Remediation Reform Act incorporate many lessons learned since the law was originally enacted, industry insiders said last week, as a bill that would update the program now awaits a decision by Gov. Phil Murphy.
A decade after a landmark law that changed the landscape of environmental cleanups in the state, stakeholders are now mulling how to improve New Jersey’s site remediation program while navigating other proposed changes by policymakers.
Michael Novak, president of Atlantic Environmental Solutions Inc. in Hoboken — Courtesy: AESI The Licensed Site Remediation Professional program has undoubtedly eased the state’s backlog of contaminated sites. In the years to come, that volume could be a fraction of the…
I’ll admit it: The prospect of writing about technical, complex environmental policy can be daunting and frustrating. Especially when it’s not your everyday beat. But there’s no getting around the importance of one policy in particular, at least when it comes to the future of New Jersey commercial real estate. If you polled a group of developers and service providers, many would tell you that the state’s Licensed Site Remediation Professional program has been critical, helping to unlock new opportunities at formerly contaminated sites and adding to the momentum of red-hot product types like industrial and multifamily. Some might find it hard to believe that next May will mark a decade since the program was born under the landmark Site Remediation Reform Act. But with that milestone fast approaching, the LSRP system is getting a fresh look from policymakers and stakeholders.
Throughout the state, New Jersey is cleaning contaminated sites and turning them into productive, attractive new uses that are safe for the population and the environment. The state’s LSRPs are proud to be part of this success.