This week, we had the opportunity to attend the Southeast Brownfields Workshop held at the Georgia Tech Research Institute Conference Center in Atlanta, Georgia.
Our Vice Chairman and Co-Managing Director, Dr. Cliff Lipscomb, and Associate Analyst, Holly Selby, spoke on property valuation as it relates to brownfield property. Brownfields, due to the presence of contamination and potential legal or physical regulations, create a complex valuation assignment for appraisers or valuation experts.
Here are a few additional highlights from the workshop:
Urban and Rural Case Studies
The brownfields workshop highlighted a few urban and rural case studies. Representatives from Knoxville and Nashville, Tennessee, demonstrated how brownfield redevelopment is thriving in those cities and presented specific examples of areas that were previously undesirable and are now undergoing remediation or are completely cleaned up and revitalized. The Atlanta BeltLine was also a major focus in the urban case studies presentation. Over 1,000 acres of brownfield property has been completely remediated as a result of the BeltLine project.
Speakers from Hernando, Mississippi, and Pickens, South Carolina, discussed how used brownfield grants to rejuvenate their small towns. The towns used funds for trail and park development in addition to remediation activities.
Countless Opportunities for Redevelopment
Brownfield redevelopment often has a negative perception because there are so many remediation protocols that have to be met in order to even begin work. Developers see a big price tag when assessing clean-up costs. However, there are state and federal grants and tax credits available for brownfield redevelopment. These incentives often cover all remediation costs and can make developing brownfield properties more desirable.
There are also boundless possibilities for redevelopment of brownfield properties. One presentation specifically focused on installing solar panels on cleaned up brownfield land. This is often a good option for brownfields that are located in industrial areas where transmission lines are already present. This can be a very profitable investment, especially considering the decreasing cost of installing solar panels and the incentives available for generating solar power.
We greatly enjoyed our time at the Southeast Brownfields workshop and were honored to give a presentation on brownfield property valuation. If you’d like to hear more about Greenfield’s expertise and how we can assist with brownfield property valuation, give us a call at 770-334-3952.