COASTAL RISK CONSULTING ASSISTS MAJOR INVESTOR WITH DUE DILIGENCE FOR PURCHASE AND PROTECTION OF WATERFRONT PROPERTY.
Coastal Risk Consulting
Interest Topics:Coastal Adaptation
Contributed by Hilary Stevens, Coastal Risk Consulting
In late 2018, a major investment group was considering the purchase of a waterfront hotel property in Miami Beach, Florida. As part of the due diligence on such a large purchase, the firm brought in Coastal Risk to assess the flood risks of the property and model how climate change and sea level rise will impact the property and the areas around it over the coming decades.
South Florida, with its low-lying terrain and porous bedrock, is extremely vulnerable to sea level rise. The City of Miami Beach is already experiencing “sunny day flooding” regularly. The City is taking steps to invest in resilience by raising roads, installing pumps to facilitate drainage, and enhancing green infrastructure. Also, Miami Beach has one of the oldest beach nourishment programs in the country, managed by the Army Corps of Engineers since the 1960s.
The investor was interested in the lucrative Miami Beach market, but also concerned about the long-term risks of flooding, coastal erosion and sea level rise on the investment. Before pursuing the purchase, the investor wanted to better understand the flood risks to the property itself, the beachfront behind it, and the access routes that their suppliers and guests would use. Coastal Risk provided modeling and risk analysis showing property-specific, flood risks and identified areas that would require hardening to maintain operations and prevent damage. The work for this client even included calculations of damage/loss to building structure, contents and business interruptions, if no flood defense measures were taken. These insights enabled the investor to make an informed decision whether to move forward with the purchase.
Coastal Risk Consulting, an international, flood, natural hazard and climate-impact risk assessment technology company, is offering ASAP Members a discount on reports ordered through its website (www.floodscores.com). ASAP Members may order reports at 10% off the regular price, whether for residential or commercial properties. Coastal Risk reports show the location, frequency and depth of heavy rainfall, riverine, storm surge, and tidal flooding. Additional information on climate impacts such as Sea Level Rise and Extreme Heat are also available. The Discount Code for ASAP Members is ASAP10.
For further information about Coastal Risk’s products and services, contact ASAP Member, Hilary Stevens, CFM, at [email protected].