A Challenge of Brownfield Redevelopment
||A Challenge of Brownfield Redevelopment
||16th Annual European Real Estate Society Conference in Stockholm, Sweden
||One of the biggest challenges in urban areas is the redevelopment of brownfields. Most brownfield site are currently not fully in use or even totally vacant, derelict or contaminated. They are not available for intended use without a drastic intervention. During the decision making process the developer has to deal with a complex of environmental, economic, legal, social, and land use issues. Brownfield problems are not easily to resolve and the real estate features of these sites deserve special attention. This papers deals with the complex decision making process during redevelopment and with the selection of critical REFs by the developer. Typical real estate development assumes the existence of especially two characteristics: a) the institutional factors enabling investment and rewards for undertaking a project; b) the urban infrastructure to which the project is expected to connect the technologies and construction used in development, together regarded as Real Estate Features (REFs). There are more than a thousand factors which should be checked before the land acquisition and more than a hundred risk types involved during the process of development. They are all correlated. Nowadays classification derived in heuristic way and does not incorporate more rational approach. This paper introduces both a qualitative technique and a quantitative method. Quality Function Deployment is a market oriented qualitative technique for upgrading a product value. It is used as stepping point to realize basic requirements of developers and major characteristics of urban development area giving insights about their correlation. Further on, Risk Analysis is compared as appropriate methodology for indentifying the key real estate features. The findings - data collections, are based on interviews with professionals addressing their decision making process. We strongly support idea that using the mathematical oriented (scientific) tools will demystify traditionally fogy real estate business.
||Brownfield Redevelopment, Real Estate Features, QFD, Risk Analysis
||file.ppt (1,763,840 bytes)
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