[CPEO-BIF] "Developers take new look at brownfields"

[CPEO Moderator <cpeo@cpeo.org>]

To read the complete article go to:
http://www.nj.com/news/times/stories/11-08-U1BBFBXB.html

Developers take new look at brownfields
11/08/99 
By TRACEY L. REGAN
Staff Writer
New Jersey Times

There is no more striking example of the development potential of abandoned
industrial properties than Jacobs Ferry, K. Hovnanian's 454-unit condo and
town house development across the Hudson River from Manhattan.

Lying atop an old rail yard, town houses in the development, which
straddles the towns of West New York and Guttenberg, have fetched as much
as $1.6 million, despite deed restrictions that limit future uses of the
site and serve as a constant reminder of the contamination left below it.

The project is a measure of the booming real estate market and changes in
the state's environmental laws over the past several years that allow
developers to cover or "cap" contaminated soil rather than remove it.
Jacobs Ferry is one of the first residential developments in the state to
employ such a device.

But while they point to the success of Jacobs Ferry, developers in cooler
real estate markets say that many home buyers are greeting the concept of
capping with much more caution.

Inner-city residents in particular, who harbor longstanding fears about
environmental risks in their neighborhoods, are some of the most skeptical,
they say.

(Continue)
http://www.nj.com/news/times/stories/11-08-U1BBFBXB.html


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