Brownfield Redevelopment
With less and less developable sites available in many parts of the country, particularly the Northeast, Advance Realty Group has shifted its focus towards brownfield sites. Strategically, brownfield sites are typically in excellent locales, such as their clustering near inner cities in the Northeast United States – making them ideal for today’s live, work and play, mixed-use development. Advance employs a brownfield development methodology in order to ensure success, which includes these phases: pre-development, development, and asset and property management.
PRE-DEVELOPMENT Advance’s pre-development activities lay the foundation for a successful project, include: conducting due diligence to assess the extent of site contamination; and determining the feasibility of the redevelopment, which includes understanding the various financial, regulatory, construction and marketing issues to be resolved.
DEVELOPMENT Next, during the development stage, Advance then begins the actual remediation of the site. The development phase also encompasses receiving regulatory approvals; possible demolition of any existing structures; remediation of the site from contaminants; and finally horizontal (streetscapes and below-ground infrastructure) and vertical (buildings and above-ground structures) development.
ASSET & PROPERTY MANAGEMENT The final phase of Advance’s brownfield redevelopment process involves asset and property management. Asset and property management entails a number of aspects to ensure long-term, sustainable adaptive reuse. This includes managing the financial aspects, operations and maintenance of the physical structures, ongoing positive community relations, and any long-term environmental issues associated with the property. Some remedial methods, such as ground water pump and treatment systems, require long-term operation and maintenance.
THE RIVERBEND DISTRICT
Designed as a mixed use developement, due to its close proximity to multiple modes of mass transit, including NJ Transit, Amtrak and an onsite PATH station, allowing easy access to Newark Penn Station, Newark Liberty International Airport and New York, Advance Realty Group’s Riverbend District is currently the largest brownfield, mixed-use redevelopment underway in New Jersey.
Visit The Riverbend District
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