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| Brownfield Misconceptions |
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The continued importance of infill development and an abundance of new remediation technologies and practices have helped to make brownfields one of the most significant opportunities in land development. Unfortunately, with all of its advantages, brownfield development also comes with its share of misconceptions.
Here are some common misconceptions that have kept brownfields shrouded in mystery to many developers:
Fear of the unknown: To many developers, brownfield development represents another layer of service that they are simply unfamiliar with. While there is always a learning curve involved in deploying a new service, the assistance of seasoned consultants and contractors can make the transition from traditional development to brownfields easier.
Difficulty of development: Does brownfield development require more work than traditional development? Yes. However, the potential value far eclipses the difficulty factor. Having the right team and expertise at your fingertips can help realize the value of the development and navigate you through the difficult parts.
Too much risk: Risk is often a substantial part of many traditional developments, so why would a developer want to take on even more risk with a brownfield? Fortunately, the perceived risk involved in these types of projects can be mitigated by due diligence and insurance. And as brownfield development continues to grow in prominence, the checks and balances needed to mitigate risk are becoming much more reliable.
Regulatory Issues: Real estate development already comes with a breadth of permits and approvals, leaving many developers averse to the additional approvals needed on the municipal level for brownfield development. While there are extra steps in the approval process for environmental clean-up, the deployment of skilled consultants can act as a guide to navigate you through the approval process and work with governmental authorities who, very often, have a vested interest in cleaning up a property.While brownfield development is often uncharted territory for developers, there remain an inordinate amount of opportunities for forward-thinking developers. In the end, a successful project revolves around the right connections. With a sound team in place, these misconceptions will soon become opportunities. |
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