The role of liability, regulation and economic incentives in brownfield remediation and redevelopment: evidence from surveys of developers.

We examine different market-based mechanisms and other incentives intended to promote the environmental remediation and reuse of brownfields. Policies that encourage cleanup and re-use of brownfields offer real estate developers reductions in regulatory burden, relief from liability for future cleanups once certain mitigation standards are met, and/or financial support for regeneration of brownfields. We use conjoint choice experiments - a stated preference approach - to assess the responses of real estate developers to different mixes of these incentives. Our survey instrument was administered in person to a sample of developers and real estate professionals randomly intercepted at the Marche International des Professionnels de l'Immobilier (MIPIM) in Cannes, France, in March 2002. Conditional and random-coefficient logit models of the responses to the choice questions indicate that developers find sites with contamination problems less attractive than others, and that they value liability relief. This confirms our expectation that contaminated sites are less desirable because of the associated cleanup costs, but refutes earlier claims that liability does not matter. Our developers are not deterred by prior contamination, once it has been cleaned up, suggesting that "contamination stigma" is not very important, and appreciate fast-track review of development and remediation plans, direct financial incentives, and flexible (negotiable) cleanup standards. Developers with prior experience with contaminated sites are more responsive to the policies than are inexperienced developers, especially for subsidies. Inexperienced developers are more responsive to liability relief and regulatory relief than they are to subsidies. Similar considerations hold true for larger developers.

https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=383481

The Role of Liability, Regulation and Economic Incentives in Brownfield Remediation and Redevelopment: Evidence from Surveys of Developers

A hedonic analysis of the impact of LUST sites on house prices

This article examines three case studies of brownfield redevelopment in Baltimore, Maryland, to refine understanding of the boundary between privately and publicly initiated brownfield redevelopments. The cases range from Camden Crossing, a city- initiated project that promised to turn an abandoned and contaminated site into middle-income housing, to Crown Cork and Seal, a privately funded site reclaimed for industrial use. The cases suggest trade-offs between the following three conditions: (a) the strength of local market demand, (b) the level of contamination, and (c) new use. When market conditions are strong, contamination relatively minor, and land use is remaining industrial, the private sector is more likely to be the sole initiator and implementer of redevelopment. When a project calls for a transfer from contaminated industrial to residential use, faces weak market demand for the final project, and con- tends with a complicated cleanup, the greater is the required public subsidy.

Private Initiative and Public Responsibility for the Redevelopment of Industrial Brownfields: Three Baltimore Case Studies:

Federal, state and local initiatives have emerged in the United States over the last decade to address the increasing number of ‘brownfield’ properties that are perceived to be contaminated. These initiatives are based on the beliefs that the social and financial benefits provided by redevelopment exceed the costs imposed by the interventions and that the reuse of sites can further local sustainability objectives by reducing growth pressures in undeveloped areas. This paper provides an examination of the current state of the practice of brownfields within which these interventions should be based. We summarize brownfields problems and federal, state and local efforts to address these problems. We then present ten stylized propositions about brownfields and draw on a range of surveys of the public and private sectors and other sources to explore the reality behind these. Finally we use the propositions to tie brownfields regeneration to sustainable local development through an area wide approach t...

Understanding brownfields regeneration in the US

Recently, many states have passed brownfields legislation to limit the liability of innocent property redevelopers, based on the assumption that pollution systematically affects land use and development. The goal of this study was to examine this assumption. The study area was an industrial area of Baltimore, Maryland, characterized by brownfields and recent economic development. Data from 1963–1999 for brownfield and non-brownfield parcels were collected and compared to identify variations in assessed land value, vacancy, sales, and redevelopment. The absence of a systematic relationship between pollution and land use variables suggests that other factors may also be involved in vacancy and underuse.

Environmental Contamination, Brownfields Policy, and Economic Redevelopment in an Industrial Area of Baltimore, Maryland

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Environmental Contamination, Brownfields Policy, and Economic Redevelopment in an Industrial Area of Baltimore, Maryland