Definition
Brownfield redevelopment transforms previously contaminated industrial properties through environmental cleanup and remediation. Often in valuable urban areas, making redevelopment attractive despite cleanup costs.
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Brownfields are previously developed sites with known or suspected environmental contamination from industrial or commercial use. Redevelopment requires environmental assessment and potential cleanup. Federal and state programs provide liability protection and tax incentives for developers. Remediation costs can be substantial but often qualify for tax credits. Locations in urban areas make brownfield redevelopment attractive despite cleanup requirements. Properties are usually less expensive than clean land. Investor caution is essential to understand environmental liability and remediation scope.
Pro Tip
Work with environmental attorneys on brownfield properties to understand liability and remediation.
Example
A brownfield redevelopment converted a former factory into residential lofts after environmental remediation.