At Triterra, we believe that development of brownfield properties creates a viable investment opportunity that can result in above-average financial returns when compared to undeveloped properties. The key to successful Brownfield development is good strategic planning through an understanding of the projected costs and available benefits. Our Brownfield services, utilized within numerous successful projects throughout the Midwestern United States, have provided unrivaled value again and again.
Brownfield properties often present environmental challenges that must be addressed prior to development. These environmental challenges may include subsurface contamination, asbestos, or other hazardous materials that can increase renovation or demolition costs. Many times these properties are priced attractively because of the real or perceived environmental issues. However, just as often, there has never been a comprehensive evaluation to determine the level of effort necessary to overcome them. As a member of your development team, Triterra provides the appropriate due diligence services and insight to properly evaluate hidden costs stemming from these environmental challenges and their effect on the value of the property in the context of its proposed use.
Redeveloping Brownfield properties certainly offers an increased level of risk; however, with Triterra’s expert knowledge and skill set, environmental challenges can be identified, quantified, and mitigated. In most cases, these challenges must be addressed to ensure the safe reuse of the property.
Additionally, many Brownfield projects inherently present unforeseen costs and delays, so Triterra works to identify strategies and incentives that reduce or eliminate uncertainties. These strategies may include negotiation with regulatory agencies, liability transfers, environmental insurance, and/or fixed price contracts with pay for performance clauses.
Many Brownfield sites have had some level of environmental investigation and/or cleanup completed. Our staff can assist you with understanding the current site conditions, whether or not additional investigation is necessary, what potential challenges may be present, and what it will take to make the site usable. Above all, we utilize a collaborative approach emphasizing communication with our clients, members of their team, the community, and the regulators.
Brownfield redevelopment presents obvious benefits, such as the availability of existing infrastructure, as well as more subtle benefits, such as specific financial incentives. These financial incentives can include tax increment financing, redevelopment grants, low-interest loans, and/or other development-specific programs (i.e. MSHDA, MEDC, etc.). However, these tools generally are available to offset the direct increased costs associated with redevelopment projects (i.e. environmental due diligence; investigation; remediation; and abatement of asbestos or lead paint). In the end, the reward for choosing a Brownfield development is having unlocked the hidden value of the property.
Triterra has extensive experience on Brownfield projects, including helping clients obtain Brownfield and/or other financial incentives. Over the last five years, our staff has assisted clients acquire over $50 million in various types of Brownfield incentives. These incentives are often necessary to ensure the redevelopment project is successful. Along with our commitment toward redeveloping underutilized properties, our professional staff will work closely with you to ensure your unique project becomes a reality.
Please contact us for more information on our Brownfield Consulting Services.