Whenever the subject of property redevelopment is raised, some people restrict their definition to demolishing an old building so that a new one can be built. However, redevelopment is restructuring of a current building or complex to make the it fit with present market trends.
Property redevelopment can occur in different sizes. It can be small or big, or it can be about revitalizing a specific community or site. Let us run through some of the common property redevelopment types you should be aware of.
Refurbishing existing buildings
An existing building can be improved upon or renovated to enhance the property’s value while tweaking the building to adjust it to present market trends.
Demolition of current buildings to erect new ones
Whenever a property isn’t of any use again or does not add any value to a community’s real estate, demolishing the current building becomes a viable option. This is not just about demolishing an old building and installing a new building. Rather, the building that is about to be constructed has to align with the changing market trends.
Redeveloping a contaminated industrial yard
This has to do with instances where a former industrial yard has been vacated for one reason or the other. Such lands are mostly contaminated and cannot be inhabited immediately. The redevelopment would include having the area cleaned up before any new construction can be carried out. That will contribute to an increase in that site’s value.
Every property redevelopment process has to go through three distinct phases. We will highlight the different phases below for your kind understanding.
Environment site assessment (ESA)
This stage is divided into two, namely ESA Phase 1 and ESA Phase 2. This first phase is basically about identifying the environmental state of the proposed site. This assessment phase is considered a necessity because you may not be able to tell if the place is contaminated with your naked eyes. The second phase assessment is the same thing but more comprehensive than phase 1.
Developing a response action plan
If any contamination is identified, a Response Action Plan has to be developed. The response action plan or RAP happens to be a carefully orchestrated lineup of activities required to manage the site’s contamination effectively before the project commences fully. Items like site clean-up objectives have to be captured as part of the response action plan.
Verifying the implementation of the RAP
This is the final stage of any property redevelopment process. In this stage, a verification is carried out to determine if what was drafted in the Response Action Plan is being implemented as planned. The documentation of the actual method used to clean up the contaminated site would also be captured in this document.
Property redevelopment is a term with diverse definitions. It is a term that can be applied to various real estate reconstruction processes.