Redeveloping Eyesores to New Uses

Across the country, as the amount of available land in and near cities shrinks, many developers are turning to riskier business of converting vacant and often contaminated properties to lucrative projects. Many “brownfields” can be bought cheaply and are ideally located near downtowns, subway stops, train stations or along stretches of waterfront where factories once existed. Developers have also converted steel mills, oil fields, and textile plants, coal plants, landfills and furniture factories. There are also many infill projects being redeveloped in the central business districts to repurpose older vacant buildings to new highest and best uses. Redeveloping eyesores could pay off royally.