brownfields
7 years ago No Comments

(pronounced BRAUN-feelds)

Primarily the term brownfield is being used in relation to cities assigning tax credits and/or offering grants to private developers to transform brownfield sites into multi-use developments – i.e., apartments, condos, retail, dining and entertainment venues, conference centers, etc. – thereby revitalizing sections of a city, increasing tax revenue and slowing suburban sprawl. Therefore, you can probably surmise that the term “brownfield” refers to older, neglected or abandoned urban areas that have mostly been used for industrial purposes in the past but are sitting idle as unproductive eyesores currently.

Example: With the price of gasoline steadily rising, more investors are seeing the potential of developing brownfields into urban multifamily housing, attracting residents by decreasing their commute time and expense.