Chicago Condo Directory

So that both buyers and sellers wonder what magnitude of environmental remediation costs would be required for various redevelopment projects. The authors take the reader through the major considerations of both buyer and seller. They treat both the private and municipal redeveloper.Their case studies, though largely drawn from their Chicago experiences, emphasize the careful planning and execution steps required in redevelopment anywhere. Based on data from less than 200 sites, the cost of brownfields redevelopment has been estimated to be just under $60,000 per acre. Cleanup of contamination, where it occurs, has been estimated at 8% of the total cost of redevelopment. The authors make an excellent point that much more cooperation is needed between interested parties to expand brownfields redevelopment. Venture groups are needed consisting of environmental scientists and engineers, capital providers, insurance specialists, real estate experts, and an experience project management team. Not to be forgotten is “due diligence”. For a brownfields purchaser this means an in depth analysis of the physical, economic, and legal conditions of any property in question. The authors describe how this analysis must have much more depth to it than the due diligence involved with purchase of an uncompromised industrial property.