A Redevelopment Primer: Maximizing Value
The entry point to real estate is relatively low. After all, 62% of the U.S. population are homeowners. However, larger projects bring an exponential level of complexity, especially those associated with the redevelopment of blighted and abandoned sites; the planning and development of which requires forethought on many levels, in concert with a multidisciplinary approach.
No simple ‘model’ can effectively summarize and guide you through the redevelopment process, because each project has its own unique characteristics. This book serves as a primer for many different redevelopment initiatives by breaking down the process into stages and illustrating each stage with relevant and successful projects. That’s the goal.
Our book covers the entire redevelopment cycle, from identifying and acquiring a site, through remediation, rebranding and, ultimately, disposition. Because capital needs to be committed at every stage — and risks need to be taken — value needs to be created. In essence, we’re advocating a more holistic approach to redevelopment.
Larger, more complex projects have social and political considerations, such as, environmental justice, equity and an equitable process (i.e., representation, participation, fair compensation, etc.). Furthermore, because many stakeholders are involved, conflicting goals and schedules need to be reconciled.
The book also touches on the more ‘mundane’ aspects of the process, such as environmental and liability concerns, and their corresponding risks and costs; macroeconomic factors and trends, such as changing demographics, work and lifestyles; restrictions and covenants, and; some of the legal tools available. That said, we’re firm believers that nothing is more permanent than change. Thus, your feedback and suggestions will be incorporated into future editions, and we welcome your input, ideas and criticisms.
We are humbled and honored to have had the privilege to work with such an amazing group of talented individuals over the past 5 years. Their work researching, judging the Renewal Awards, compiling, reviewing, and editing made this book possible.