Property Redevelopment

Redevelopment versus Development

Redevelopment is the re-use of languishing assets on idle sites and embraces the concept of Sustainable Development and ‘Smart Growth’.  It focuses on the redeployment of ‘used’ land, often referred to as Brownfields and effectively utilizes our current land inventory and community infrastructure. 

Development on the other hand, applies to ‘new’ undeveloped land or Greenfields and is a contributor to further urban sprawl.

When examining the rejuvenation of idle sites (which may or may not have environmental concerns), developers re-employ capital that has already been spent on the existing infrastructure for hard and soft costs (roads, power grids, sewers, transit, police, proximity to labour sources, proximity to central city core and amenities, etc.).  Alternately, when undertaking development on ‘green’ sites, the developers and planners create an immediate necessity for the community to commit additional funds to make these new sites development-ready.

Redevelopment offers a number of benefits:

•       Reuses current land inventory and utilizes existing infrastructure;

•     Addresses issues of urban congestion by providing additional real estate for commercial, industrial and/or residential growth within the core (reduces urban sprawl);

•       Reduces environmental concerns related to contamination (if present);

•       Acts as a catalyst for neighbouring clean-up;

•       Eliminates concern of idle/abandoned properties which may act as crime, accident, vermin, and or health hazard sources;

•       Restores tax revenues to idle and abandoned sites;

•       Creates employment and growth opportunities;

•       Increases the property value of the entire community;

•       Leads to increased investor interests (domestic and foreign); and

•       Provides a social benefit of well being for those working, commuting, or living in a neighbourhood that is being rejuvenated.