Developers Squeeze Green from Brownfield
Investments
Although brownfields are typically more expensive to finance, take longer to
develop, and carry more risk than conventional properties, developers are
showing a growing interest in the niche. They recognize the potentially
lucrative rate of return on such an investment--especially one that boasts a
desirable location--at a time when urban infill sites are beginning to
diminish.
Moreover, government incentives--such as tax increment financing, which puts
a portion of the property taxes toward redevelopment
activities--clarification on liability issues, and technological advances
that subsequently have reduced cleanup costs also have made brownfield
redevelopment attractive.
Lennar Corp. is just one of many developers that have been lured to
brownfields; the company plans to build 1,500 homes and 6 million square
feet of commercial space on 680 acres of a former Navy ship yard in San
Francisco Bay.
Source: National Real Estate
Investor (06/01/03); Leon, Hortense
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