Redevelopment is on the rise at environmentally contaminated properties and Brownfields
across the nation, according to survey results of environmental consultants, environmental attorneys and bankers released by
Environmental Data Resources, Inc. (EDR).
The survey of more than 200 of the most influential environmental professionals from across the country who attended the Contaminated Property Transactions Conference in the nation's capital said their work with Brownfields has dramatically increased over the past year, due to the increased value being placed on redeveloped properties and an increased focus on corporate social responsibility.
"We have been providing critical environmental data to an unprecedented number of corporations and municipalities that are redeveloping and divesting their Brownfields sites," said Jon Walker, managing director of EDR's Corporate, Legal and Government Services. "These companies appear to be prospering through identifying and proactively managing these once ignored, but now highly valuable properties."
Nearly all of the professionals who were surveyed throughout the conference said their work with Brownfields has increased over the last year, and said it was a trend they believe will continue to grow.
Seventy-six percent of respondents said the national up-tick in identifying and divesting Brownfields is based on an increased return on investments relating to the remediation of these sites. This compares to previous years when fewer developers were investing time and money in the sometimes lengthy and complex process of redeveloping Brownfields.
Ninety-two percent of the professionals surveyed who work with Brownfields said within the next year more owners will divest or redevelop their sites, which is positive economic development news for urban areas and former manufacturing towns where these sites are primarily located.
The survey was conducted at the Risk Management Technologies (RMT)-sponsored conference, which invited the more than 200 professionals who work closely with EDR and Brownfield redevelopment to participate in topical panel discussions April 11-13 at the Omni Shoreham Hotel in D.C. Companies in attendance included British Petroleum, Shell Lubricants, Marsh, Abbott Laboratories, Honeywell and others.
"These results indicate that corporations and the community are benefiting as contaminated properties get cleaned up in a sustainable manner," said Jefferey Telego, President RMT. "This increased redevelopment of Brownfields is going to benefit us all through more valuable property and healthier communities."