Whippany

Location: Whippany, NJ
Size: 34 acres

Prior Use
Between 1941-46, the property was occupied by a chemical company that used the site for the production of magnesium flares. In 1946, the site was purchased by a company that used the property for the production of vending machines until 1995.

Challenge
During the operational history of the property, soil and groundwater
were contaminated by chlorinated solvents, petroleum hydrocarbons,
and toxic metals.

Solution
LandBank performed site cleanup, including soil and groundwater remediation through excavations, in-situ oxidation, and approval of a Classification Exception Area under a fixed price contract. No Further Action status was approved by the New Jersey Department of Environmental Protection for Phases I and II of the site. Remediation of Phase III is currently underway. Soil vapor extraction, air-sparge, and a pump-and-treat system will complete remediation of Phase II.

LandBank’s Role
LandBank acquired the site, entered into a forward sales commitment,
and re-entitled the property. LandBank then demolished all remaining structures on the site, and provided environmental management
services. LandBank placed a comprehensive insurance program on the
site which included:

1) Remediation Project Insurance to put a financial cap on the costs associated with remediation, 2) Real Estate Pollution policy for discovery of unknown conditions, third party liability, and regulatory reopening of completed remediation, and 3) Commercial General Liability to provide coverage for bodily injury and property damage from known conditions. The policies provide protection to the buyer, seller, and future owners of the site.

New Use
The site, located in an attractive residential area, is being redeveloped into an upscale community of 50 single-family homes.