Nicely done CREA!
The Canadian Real Estate Association has been lobbying for the public & private recognition of brownfield development potential. They’ve put together a great intro to the topic of brownfield redevelopment in Canada – it’s designated as “Information for Realtors®” – but it’s great for anyone interested. From the guide:
The term “brownfields” refers to properties, often former industrial sites, that are left under-used because of environmental contamination concerns. There are about 20,000 to 30,000 of these sites across Canada, and many of them are located on prime land in this country’s cities, ripe for redevelopment.
There are numerous reasons to get excited about brownfield redevelopment:
. . . benefits include, among other things, increased local property values, an increased property tax base and increased densities in established urban centres, therby reducing urban sprawl.
So why isn’t everyone jumping on board to develop brownfields? Money.
The key problem for brownfield redevelopers is risk. To build on a brownfield site takes longer than to build on a “greenfield” (undeveloped) site, there are more stages to the process, and each stage carries a chance of cost overruns.
The guide is a quick-reading, 11 page report that goes into more detail regarding the obstacles facing brownfield developers, financing hurdles, and success stories from Canadian cities who have offered incentives for developers.
The issue is going to become evermore critical in the next few years as the populace digs in its heels against climate change. I’ve linked to numerous brownfield sites (of the digital variety) in the sidebar if you’d like to become more familiar with these issues.
