Private Investment in Brownfield Redevelopment in the Greater Philadelphia Area: A Case-Study Analysis
Brownfield redevelopment is a critical urban renewal tool that until recently has been overlooked by developers interested in less risky, pristine greenfields. Reformed legislation and public recognition of the negative effects of urban sprawl has made many investors realize the economic potential of brownfield redevelopment. This paper investigates the regulatory framework and incentives for attracting private investment in brownfield redevelopment in the greater Philadelphia area. It specifically examines three different reclamation projects and evaluates the effectiveness of their redevelopment procedures through site selection, remediation process, utilization of incentives, and impacts on the community. Through the availability of extensive incentive programs, liability and clean-up costs are no longer at the forefront of developers’ concerns. The analysis finds that a successful brownfield project developer must choose a site in strategic location, have a long-term vision, and consider the input from and benefit to the surrounding community. The final analysis provides recommendations to promote economically viable brownfield program and project implementation in the future.
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Master of Environmental Studies Capstone Projects
Persistent link: https://www.econbiz.de/10009438564
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