Re: [CPEO-BIF] Cherry vs. Inner City Sites

[jessedrp@earthlink.net]

What you have described, cherry properties versus inner-city sites, perfectly
describes the two-tiered brownfields market that exists.  That is, (1)
investment-grade opportunities and (2) "business asset" or long-term, small
investor properties.

Much of the brownfields issues that are targeted in conferences, grants, and
programs deal with getting (investment-grade) developers interested in
brownfields sites.  Predominantly, the inner city locations you mention are
not investment grade, but important to the community no less.  Additionally,
the numbers of small affected properties far outwieghs the relatively few
cherry properties, with a potentially greater cumulative impact.

The problem is a knowledge gap, where inner-city sites do not even attract
enough private-sector capital to conduct preliminary market analysis or
identify potential opportunities.  Without knowledge of the opportunity,
there is no private sector market response.

A strategic public-private program has shown potential to overcome this gap.
I have been working with some of our cities here in Colorado to conduct
market investigations and financial modeling, at the city's expense, to
bridge this knowledge gap and formally present overlooked opportunities to
the private sector.  This is just in the beginning stages, but we have
already seen increased interest from the real estate community in some very
secondary and overlooked locations.

-- Jesse Silverstein
______________________________
Development Research Partners
8138 West Caley Place, Suite 2001
Littleton, Colorado  80123
V(303) 933-4464  F(303) 933-4463

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