[CPEO-BIF] New Jersey retail development

[Lenny Siegel <lennysiegel@gmail.com>]

Once Polluted, Now Profitable for New Jersey Builders

By J. ALEX TARQUINIO
New York Times
March 5, 2008

With the number of potential building sites in New Jersey declining, 
developers seem to be taking a second look at "brownfields," which are 
heavily polluted sites ranging from derelict factories to municipal dumps.

Former eyesores are being reinvented as large retail properties, with 
anchor stores like Home Depot or Target. One factor behind this trend 
has been a state incentive program that just had its 10th birthday, said 
Paul D. Cohen, a broker at CB Richard Ellis who recently became head of 
the firm's new group specializing in redeveloping New Jersey's brownfields.

The Brownfield Reimbursement Program, which the state created in 1998, 
allows developers to recoup 75 percent of the costs they incur for the 
environmental cleanup of brownfields. (The original polluters, however, 
are not eligible for these funds.)

The program has disbursed $19 million since it was created, most of it 
since 2004 and all of it from taxes that the new projects poured into 
the state's coffers.


...

For the entire article, see
http://www.nytimes.com/2008/03/05/business/05brown.html?_r=1&ref=business&oref=slogin

-- 


Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org



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