Brownfield Redevelopment By The Private
Sector: Market Driven Decision Making
Author(s)
I. L. Whitman
Abstract
Most successful Brownfield redevelopment in North America involves a
partnership of interests between government and private developers. Much has
been written of the need for \“Public-Private Partnerships”, as well as community
involvement as contaminated Brownfield sites are recycled into economic
productivity. Less well understood are the motivation and incentives for private
investors and developers to take the risks necessary to succeed at Brownfield
redevelopment, and the criteria used by the development community to
determine when to do so.
The National Association of Industrial and Office Properties (NAIOP), of
Herndon, Virginia, represent the largest and most experienced owners and
developers of commercial real estate in North America. NAIOP is one of the
few private sector organizations that has worked with USEPA and other public
agencies to promote and enhance the understanding of the private sector
opportunities and risks in Brownfield redevelopment. Interviews were
conducted with NAIOP members and other Brownfield players regarding the
market drivers that motivate private developers and their financial backers to
invest their time and resources in Brownfield restoration and redevelopment, and
the issues which stand in the way of such investment. Information developed
from interviews and discussions with developers, and from NAIOP presentations
at EPA’s National Brownfields Conferences and from commercial real estate
forums are cited and factored into the analysis of private sector forces that lead to
success in Brownfield redevelopment.
Keywords
Related Book
Other papers in this volume
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