More and more cities can point to dramatic redevelopment success stories.
You don’t have to look far to find accounts of old textile mills, urban warehouses, or
abandoned heavy-industrial sites that have been transformed from rusty relics into
popular, trendy loft apartments and retail spaces.
Florida has many such properties just waiting to be turned into the next Big
Thing—including some prime riverfront sites occupied by structures that are
beyond repair and in need of demolition.
So why aren’t more of our state’s enterprising developers and real estate
professionals pursuing those valuable sites?
Because they’re well aware of the environmental considerations that go along with
old, impacted properties. And they recognize the potential costs of safely removing
and disposing of everything from underground storage tanks to aboveground debris
and industrial waste.
However, what many professionals may not be aware of are major regulatory and
financial incentives that could cover most — and in some cases all —cleanup costs
of “brownfield” sites, landfills or former drycleaning operations.
Under the proper circumstances, there are tax credits for cleanup efforts…tax
credits for solid waste removal…tax credits for achieving “No Further Action” status
from the DEP…and even more tax credits if the project involves a medical facility or
affordable housing. Not to mention the attractive redevelopment incentives offered
by many communities.
These credits and incentives can all be combined with one another to the degree
that properties could conceivably be acquired and rehabilitated at a cost of just
pennies on the dollar of their eventual value.
The full details are bigger than a blog post, but if you’d like to know more, please
contact me; I’d be happy to guide you through the transformation process.
And if the property you have your eye on is not already an official brownfield site,
we can help you obtain that designation.
So as you drive around, just look at the locations themselves (not the structures
currently sitting on them) and think of the potential. Chances are, the old eyesores
occupying those sites need not be an obstacle to your redevelopment vision!