Brownfields Value Proposition
- Ability to unlock and access intrinsic use, location and demographics value of site (i.e, buy low/exit high)
- Creates both situational and “existential” advantages
- Reuse provides funding mechanism for cleanup
- Broad array of financial and regulatory incentives
- Engine for accelerating contamination restoration, natural resource preservation, and public health protection
- Powerful catalyst for broader redevelopment efforts
- Sustainability jump-off point
- Stability and security for private and public capital
- Historically, high level of support from developers, lenders, businesses, community based organizations, environmental justice and public health advocates, and neighborhood residents
- Can generate multiple dividends of “found equity” for non-principal stakeholders
- “Found equity” can be both financial and non-financial in nature
- Revenue enhancement and “headache reduction” opportunities for local governments
Listen to the Workshop:
The purpose of the Brownfield Program is to support environmental rehabilitation, job creation and promote economic redevelopment in “Environmentally Challenge Areas” with perceived or actual contamination.
Area Current Condition. Industrial/Office/Commercial
Property Size. Approximately 260 acres of land with over 220 light industrial and commercial properties.
Unique Features of the Area.
Located within close proximity to major regional highways, Miami International Airport, Metro-Rail station, residential uses and Downtown Doral.
Potential Redevelopment. The City anticipates that the buildout of Downtown Doral and several other mixed-use redevelopment projects under construction along Doral Boulevard (NW 36th Street), and potential redevelopment development of the Pepsi property will be catalyst to initiate the redevelopment of this area in the future consistent with the development pattern already in-place in downtown Doral and surrounding areas.
Recommendation. Approval of NW 58th Street Corridor Green Reuse “Brownfield” Area Designation Pursuant to Florida’s Brownfields Redevelopment Act