High land and construction costs – coupled with limited, undeveloped land – are familiar challenges for most urban developers. And when a lot for re-development is acquired, other issues can significantly impact the project schedule and outcome, potentially costing millions of dollars.
There are many different issues, some of which include:
- Adjacencies: The site is next to or over critical public infrastructure (tunnels, bridges, highways, rail, air rights, etc.); next to historic or concerned building owners that may see impacts, such as building settlement, because of the new development.
- Brownfields: The site contains contaminated soil and/or groundwater, and the contamination needs to be remediated to meet regulatory or litigation requirements. Worker safety and future tenant/resident risks may be impacted.
- Public perceptions/impacts: The development will generate vibration, dust, noise, traffic or shade to the area during construction or in its final condition.
- Environment: There is the potential for flooding from coastal or rainfall events, for excessive temperatures, or for energy blackouts. The site needs to be accessible and its function sustainable during emergencies.