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Think Brown for Prime Real Estate
Think Brown for Prime Real Estate
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Lacey Muszynski
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Think Brown for Prime Real Estate
Lacey Muszynski
4 Jun 2007 8:00 AM
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As new development real estate space becomes more and more difficult to find, an option owners and facility executives might want to explore is redeveloping brownfields.
Brownfields certainly won’t be at the top of most development site lists. The negative perception from the public, future occupants and even the facility owners themselves will cause hesitation. But as this
Web site
points out, redeveloping a brownfield can become a gain for the facility (and the environment) if all the necessary steps are followed.
Of course, remediation and cleanup are the top priority before any construction begins. Based on the history of the real estate and the extent and nature of the contamination, soil, surface water and ground water remediation may be necessary. Also specific to brownfield development is the “cap” sometimes required to act as a barrier between the above and below ground development.
All the extra planning, effort and time it takes to redevelop a brownfield may not be worth it to some facility owners. Brownfield sites are often prime locations in real estate markets where space is at a premium, however, and often have a low price tag. With a little extra planning — and maybe a great PR campaign — brownfields can be a great choice for development.
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