The subject property was approximately two acres improved with one 34-story high-rise hotel with two subsurface parking levels encompassing approximately 1.2 million square feet completed in 1992. The hotel was located surrounded by parking structures, high-rise office buildings, similar hotels, and high-density residential buildings along the Chicago River.
Two principal issues were identified; former on-site dry cleaning operations and location within the “Streeterville Thorium Investigation” area. This area was confirmed to have been impacted with radiological fill material from the nearby former Lindsay Light II (Lindsay) facility. Targus confirmd that excavation and soil removal during construction was properly monitored and reported to the EPA and City of Chicago. In anticipation that some affected fill may have remained, the existing pavements and flatwork were considered to be sufficiently protective as a controlled recognized environmental condition.
However, PCE-based dry cleaning was confirmed to have previously been conducted on the lowest building level over a period of a decade or more. In the absence of assessment for releases, Targus considered the prior usage of PCE to constitute a recognized environmental condition. Several mitigating factors were taken into account: the level of the dry cleaning activities was below the elevation of the adjoining Chicago River; the closest exterior apparent location for assessment activities was over 300 feet distant; the slab was observed to be in good condition and reported to be of substantial thickness; coarse underlying soil would have resulted in rapid groundwater dispersion; and shallow groundwater was prohibited from beneficial use city-wide.
In light of these mitigating factors, the client chose to proceed with its acquisition without further assessment.
