Northeast Plaza

Location: Sarasota, FL
Size: 13 acre site

Prior Use
This 121,000 square foot shopping center is traditionally fully leased and produces a strong net operating income.

Challenge
A portion of the soils and groundwater on the site have been contaminated by dry cleaning chemical releases, tetrachloroethene (PCE) and associated daughter products. Minimal off-site groundwater impacts have been identified on adjacent city-owned lands although they do not pose a threat to the environment or human health.

Solution
An aggressive remedial approach of potassium permanganate injection and soil vapor extraction/air sparging was instituted under a Voluntary Cleanup Agreement with the Florida Department of Environmental Protection (FDEP). Due to increased contaminant levels identified after the initial injection, additional investigation and remedial measures are planned to complete cleanup of the subsurface impacts.

The site has been enrolled in the Florida Voluntary Cleanup Program, with the FDEP providing oversight of investigation and remedial activities. Based on data collected during the additional investigation, LandBank developed a revised remedial approach which should allow the site to move into a groundwater monitoring phase within 12-18 months of initiation. It is anticipated that groundwater monitoring will be performed for one to
two years.

LandBank’s Role
LandBank acquired and operated the site, provided environmental management services, and currently oversees property management.
LandBank placed a Pollution Legal Liability Select policy which provides protection against claims from third parties, additional cleanup costs due to regulatory re-openers, new pollution events, or newly discovered pre-existing contamination. The policy provides protection to the buyer, seller, and future owners of the site.