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 us; we would 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!
Considering a Brownfield Project?
Amy Campbell, LEP
Get in Touch with Amy Today!
Our Brownfield-Related Services include:
– Expert Phase I and Phase II Environmental Site Assessments
– Complete groundwater and soil sampling
– Remedial Action Plans (RAP)
– Compliance consultation
– Risk-Based Corrective Action (RBCA)
– Long-term monitoring systems
– Voluntary Cleanup Tax Credit (VCTC) Applications
For more information, fill out the form below.