This document summarizes strategies for managing environmental risks in real estate development. It discusses potential environmental liability exposures from statutes like CERCLA and strategies to mitigate risk such as conducting environmental site assessments, seeking governmental liability protections, allocating contractual liabilities, and purchasing environmental insurance. Environmental site assessments involve records reviews, site inspections, and interviews to identify recognized environmental conditions. Governmental programs like Texas' voluntary cleanup program can release future owners from liability if contamination is remediated to state standards. Contracts and insurance can also allocate environmental risks and costs between parties.