Real Estate: Miami office tower with bay view again for sale

The Daily Business Review quoted Eliot Abbott in an article about the effect of mitigation on the sale of New World Tower. According to the article, the building has a lot of great attributes, but also has been cited by Miami-Dade County's Department of Environmental Resources Management. The citation was for a chlorinated benzene leak that occurred in 1984. The area under the building was cleaned, but the ally behind the building may still be contaminated. Brookwood Financial Partners bought the property two years ago and has not spent any money on mitigation because it is the alley which is contaminated not their property. Although Eliot was not familiar with the site or the potential sale of the property, the Daily Business Review used his expert opinion on mitigation matters. He said, "Unless you've got something that is off the wall, there are ways through science that you can clean up almost anything. What you are getting from brokers that it's [the contamination] not a problem is probably right. Even if the levels are beyond local standards, there are cleanup techniques and the cost of cleanup is not going to be material in the cost of developing or owning a site."