The appraisal adds significantly to the overall brownfield evaluation and potential adaptive reuse in numerous ways. The appraisal can and should be viewed as a decision-making tool to optimize financial decisions regarding brownfields. This chapter illustrates key elements of the appraisal analysis, thus highlighting important impacts on brownfield redevelopment decision-making. The authors approach brownfield valuation primarily from an appraisal perspective for several important reasons. Appraisal methodology is well understood and accepted by the courts, appraisal standards are common in all U.S. jurisdictions, and the appraisal process is generally accepted and valued by the investment community. However, a variety of other disciplines, such as economic geography, urban planning, and land planning, bring important skill-sets to the analytical process. A well-developed brownfield valuation will incorporate important aspects of all of these disciplines.
Authors: Bill Mundy and John A. Kilpatrick
Originally published as Chapter 10 in Brownfields: A Comprehensive Guide to Redeveloping Contaminated Property,Third Edition, Todd S. Davis and Scott A. Sherman, editors (2010)