|
News
Regulatory Links
Proposal Request
Community Involvement
Site Map
|
 |
THE VISION
Redeveloping environmentally distressed properties is a complex,
multi-disciplinary process that requires a combination of
environmental, civil engineering, real estate, and financial
expertise. To meet this challenge, HRP has assembled a team
uniquely qualified to identify, assess, cleanup, and acquire or
market environmentally distressed properties.
THE TEAM
HRP’s forward-looking Brownfields Team blends our extensive
environmental expertise with construction engineers, realty
advisors, and financial advisors that have the ability to
recapture value from environmentally distressed properties.
Whether a municipality is looking to redevelop vacant or
underutilized properties or a corporation needs to divest excess
real estate, HRP’s team works with involved parties to determine
acceptable risks, goals, and the site’s highest and best use.
Once the information is collected and analyzed, a cleanup
program can be negotiated with the lead environmental regulatory
agency to allow for the property’s transfer and/or
redevelopment. With the site remediated, HRP’s team can either
redevelop the site or market the site to prospective purchasers.
BROWNFIELDS - COMING OF AGE
Since the inception of the environmental movement some 25 years
ago, regulatory pressures have driven the cleanup of
contaminated sites. Removal of contaminants to pre-release
conditions was the goal, regardless of the cost, site’s
location, or whether or not the underlying groundwater was a
viable resource. Today, economic factors are replacing
regulatory requirements as the drivers for site remediation, and
risk-based remediation is becoming more common. The risk-based
approach focuses on the actual risk of contaminated groundwater
and soil to human health and the environment, while considering
future land use. This approach has significantly reduced the
remedial requirements for many sites, setting the stage for
redevelopment and economic reuse. In addition, the insurance
market has developed innovative products that cap cleanup costs
and provide liability coverage for unknown conditions. Available
tax incentives and funding can also tip the scales to make a
site attractive for redevelopment. All these factors are
encouraging the redevelopment of environmentally distressed
properties. However, the key is identifying the sites with the
greatest economic potential and to unlock their hidden value by
recognizing their highest and best use.
REMEDIATION STRATEGY
The remediation strategy for a property is part of the overall
risk management of Brownfields redevelopment. To develop a site
remediation strategy, HRP analyzes all site characterization
data, then obtains additional data as necessary, and negotiates
closure requirements with the lead environmental regulatory
agency. At the completion of remediation, a liability release is
obtained from the lead environmental regulatory agency.
In light of the proposed future use of the parcel, and the
identified multiple remedial solutions for complying with the
appropriate regulatory standards, often the costs of cleanup,
either real or perceived, are an impediment to the successful
redevelopment of a distressed parcel. Therefore, a vital aspect
of remedial action planning is for all stakeholders to work
together to identify all possible options for compliance and
redevelopment. By evaluating the possible use of new buildings,
roadways, and overall grade changes as contaminant capping
mechanisms, the most cost-effective remedial solution practical
for the site can then be selected.
THE PROGRAM
HRP’s team members work with interested parties to identify
their goals, financial objectives, and risk management
strategies. Once the sites are identified, the team works with
local officials and interested parties to unlock a site’s hidden
values.
HRP's Brownfields Team can assist you with the following key
elements of a Brownfields redevelopment project:
Economic Evaluation
-
Assess
community needs
-
Study market
conditions
-
Identify
potential sites for redevelopment
-
Identify a
site's highest and best use
-
Identify
funding and environmental insurance sources
Planning
-
Evaluate a
site's highest and best use
-
Develop
project goals
-
Define
financial objectives
-
Develop risk
management strategies
-
Establish
marketing approach
-
Educate
stakeholders
-
Develop site
marketing plan
-
Arrange site
redevelopment funding
Environmental
Site Evaluation
-
Perform
environmental site investigation
-
Assess health
risks and evaluate methods to reduce and/or manage risk
-
Develop site
cleanup goals
-
Evaluate site
development plans/concepts, and maximize use of
redevelopment plans to minimize remediation requirements
Risk Management
-
Perform
financial analysis
-
Create
attractive financial package
-
Negotiate and
develop site remediation plans
-
Obtain
insurance to reduce risk
Marketing
Project
Implementation
Contact
Information
Brownfields
Financial Incentives
Example Projects
-
Site Characterization & Soil Remediation Cost Reduction,
Proposed Police Station, Plainville, CT
-
Brownfields Redevelopment Project, Former Gasoline Station,
Glens Falls, NY
-
Brownfields Redevelopment Project, Former Steel Foundry,
Easton, PA
-
Brownfields Redevelopment Project, Waterfront Park, New
London, CT
-
Brownfields/Urban Redevelopment Project, Various Sites,
Waterbury, CT
-
Brownfields
Redevelopment, Claremont, NH
|
|
