Resources for Broken Real Estate
Abandoned manufacturing plants. Boarded up commercial corridors. Empty office buildings. Cities and owners alike struggle with the burden of broken real estate, or brownfields. We bring real expertise – and free services – to help recycle and repair urban properties, building recreational centers, neighborhood commercial districts, affordable housing, and jobs. We believe real estate should work for everyone and our tools are applicable to most properties, from industrial sites to historic high-rises.
Obtaining financing for purchase or redevelopment of broken real estate is often the initial hurdle owners face. The cost of addressing environmental challenges is also a barrier. But Tulsa has multiple examples of successful brownfield redevelopment. Many of our favorite public and private venues have utilized tools for brownfields reuse, such as the BOK Center, Guthrie Green, USA BMX, and more.
Problem properties can benefit from free services for site assessment and investigation to remove barriers to redevelopment provided by the City of Tulsa. These free services can include Phase I and Phase II Assessments and clean-up planning for sites being evaluated for redevelopment and reuse.
A Phase I, or Phase I ESA, is a report which identifies potential adverse environmental conditions. It addresses not only the structures present on a parcel, but also the soil and groundwater under a property. The Phase I ESA includes a review of both current and historic operations, as well as waste disposal activities and past construction practices. Typically, a Phase I ESA will take 2-3 weeks to complete and cost $2,500+ depending on property size and complexity.
If recognized environmental conditions are identified, a Phase II ESA can be provided to confirm its presence and extent. A Phase II ESA will involve sampling of suspect materials or locations to confirm whether a problem exists and, if so, how much of a problem is present. The Phase II will typically take 4-6 weeks to complete and typically range in cost from $12,000-$30,000 depending on the property and activities proposed.
If environmental conditions need to be abated for property redevelopment, environmental cleanup, or remediation, can be conducted. These actions may be conducted to address issues in soil and groundwater or on physical structures on the surface. Some examples include removal of buried fuel storage tanks or contaminated soil, or abatement and removal of asbestos or lead-based paint from a building. The City of Tulsa has a Revolving Loan Fund dedicated to helping owners cleanup properties, providing low interest bridge loans.
Looking to redevelop broken real estate? Contact our team to find out how to access these important resources or check out our website.