Brownfields Redevelopment
Brownfield redevelopment offers opportunities to offset urban sprawl and encourage smart growth. The Urban Land Institute defines a brownfield as a "former industrial or commercial site that cannot attain its highest and best use because of actual or perceived environmental contamination". These sites are located in urban core areas that have been passed over by developers in favor of suburban greenfield sites, or on former military installations in rural areas.
Key challenges in redeveloping a brownfield site include:
1. Clarifying the magnitude of environmental contamination.
2. Resolving environmental liabilities the satisfaction of developers and lenders.
3. Defining remediation costs.
4. Assembling individual parcels into larger tracts under single ownership.
5. Clarifying market-based real estate development opportunities for targeted sites.
6. Identifying sources of public and private financial support.
7. Overcoming negative perceptions about security, crime, etc.
ERA has been involved in the assessment of brownfield project market opportunities, evaluating realistic market-driven opportunities, financial implications, and public-private implementation strategies. Our experience has demonstrated that certain market, locational, and economic factors create opportunities:
* Brownfields are typically served by existing roads, public transportation systems, and utility systems - while costs may be incurred to update existing systems, the full burden of building new infrastructure can be avoided.
* Brownfields can benefit from proximity to existing labor pools, consumer markets, waterfronts, schools, retail trade, and other support amenities - which may not be available in suburban greenfield locations.
Several ERA brownfields redevelopment projects that have faced these challenges are noted on this web site.
Images provided by Sasaki Associates
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