What is Real Estate Redevelopment?
Real Estate Redevelopment is when new construction is added to land in which there were previously occupied or existing buildings. When these structures undergo substantial renovations that add to or redo the building, it’s considered a redevelopment project. The process can include demolishing a structure to build a new one or making more simple repurposes to better align with the market. Redevelopment projects are needed to revitalize a site, which benefits the community as a whole. Similar to development projects, redevelopments follow a multi-step process which we’ve also broken down into three simple steps.
Our Process
Stage One: Assessments & Plans
Stage one involves an environmental site assessment that is necessary to determine if a site is a good option to build on. Especially when we’re working with old buildings that need to be updated, it’s crucial to check whether there’s contamination, foundational issues, or water/mold damage. Whatever we find may alter the course of the entire project. If issues are found after the development process begins, site cleanup can be time-consuming and costly.
Common steps in this stage include:
- A thorough, visual inspection of the property
- Comprehensive and detailed review of Liens, government records, and historical documents
- Interviews with owners, occupants, and operators
- Reports with information about the findings
Stage Two: Response Action Plan
Stage two requires a response action plan if contamination is found on the job site. Also known as a RAP, the response action plan will detail the activities that are necessary to remove contamination and begin the construction process. The RAP process will be overseen by the managers of the project, construction workers, and environmental scientists.
There are two different types of RAPs, which are risk-based response actions and construction-related response actions. The construction-related response actions properly handle and identify all contaminated material being used in this stage. Without a RAP, the contaminated material could be handled improperly and cause adverse effects to the status of the entire project.
Stage Three: Managing the Construction Project
The final step in the process of redevelopment is to go through with the construction and begin updating or rebuilding. We keep a close eye on the mitigation of all contamination and check in frequently to ensure that the construction is going smoothly. The monitoring portion will include analysis and field screening to make sure that contaminated objects are kept separate from the rest of the material. This stage also documents the methods and materials used.
While this is the final stage in the redevelopment process, it’s similar to the development process and at this point, will follow the same steps. Read through the development process to learn about the financing and leasing/selling stages. The redevelopment will move onto these steps and be financed and sold or leased out.
