Federal Government Gets Behind Adaptive Reuse
Despite recommending sharp decreases in government spending across the board, President Obama’s budget for 2013 provides for a near-level $93.3 million for the EPA’s Brownfields Program, which provides funding for clean up and reinvestment in brownfield sites.
In addition, in a showing of bipartisan cooperation, the U.S. House of Representatives recently passed the Civilian Property Realignment Act. Intended to be a cost saving measure that would increase the government’s treasury by selling property and reducing building operating costs, the Act also encourages the adaptive reuse of government property. As government buildings, such as former post offices, are put on the market, savvy investors will be able to re-purpose the buildings for hotels, apartments and office structures. When the basic building frame already exists, developers don’t have to construct a project from the ground up, which provides opportunity for significant savings.
The development industry welcomes federal support for adaptive reuse. But enterprising developers can find state and local government incentives as well – incentives aimed at revitalizing urban cores. Watch for future posts detailing some of these programs and opportunities.