Greyfield land

Greyfield land

Greyfield land is a term used in the United States and Canada to describe economically obsolescent, outdated, failing, moribund and/or underutilized real estate assets or land. The term was coined in the early 2000s as a way to describe the sea of empty asphalt that often accompanied these sites. "Greyfield" is a relative neologism when compared to more commonly known terms such as brownfields or greenfields.

The term has historically been applied to formerly viable retail and commercial shopping sites (such as regional malls and strip centers) that suffer from lack of reinvestment and have been "outclassed" by larger, better designed, better anchored malls or shopping sites. This retail-centric application to greyfields may also be referred to as "dead malls" or "ghostboxes" if the anchor or other major tenants have vacated the premises leaving behind empty shells.

Unlike brownfields (which feature actual or preceived levels of environmental contamination), greyfields typically do not require remediation in order to unlock value to an investor. The hidden value, in many cases, is the presence of underlying infrastructure (such as plumbing and sewer, electrical systems, foundations, etc.) that allow a developer to more efficiently improve the site through major or minor capital expenditures that may lead to increased rents and greater value. Other important potential qualities include parking, a central location, etc. may also be leveraged in a well-executed redevelopment of the site. Some greyfields may also be considered favorable to investors because, even though they may be, by definition, outclassed or physically in disrepair, they may have revenue in place through long or short term leases. Greyfields with short term leases may work well for an investor/developer who has a strategy involving intensive real estate asset management. By actively managing the greyfield in a short-term lease environment, rents may be increased after improvements are made.

The greyfields term may also be applied more broadly to urban infill or commercial locations where underutilization or outdated (non-retail) uses hamper an otherwise valuable real estate asset. An example would be a formerly industrial waterfront site that is potentially valuable as a mixed use/residential site as it is being encroached upon by residential sprawl, or other economic or redevelopment pressures. In this example, the revitalization of the greyfield may require zoning changes and/or a public private partnership of some kind to achieve the highest and best use.

References


Wikimedia Foundation. 2010.

Игры ⚽ Нужен реферат?

Look at other dictionaries:

  • Brownfield land — Brownfield redirects here. For other uses, see Brownfield (disambiguation). Brownfield sites are abandoned or underused industrial and commercial facilities available for re use. Expansion or redevelopment of such a facility may be complicated by …   Wikipedia

  • Smart growth — is an urban planning and transportation theory that concentrates growth in the center of a city to avoid urban sprawl; and advocates compact, transit oriented, walkable, bicycle friendly land use, including neighborhood schools, complete streets …   Wikipedia

  • Advance Wars: Days of Ruin — Developer(s) …   Wikipedia

  • Cumberland Island — For the Cumberland Islands of Northern Queensland, see Cumberland Islands. Cumberland Island is one of the Sea Islands. Cumberland is the largest in terms of continuously exposed land area of Georgia s barrier islands. It is located on the… …   Wikipedia

  • Martha Washington — For the comic book character from Frank Miller s Give Me Liberty, see Martha Washington (comics). Martha Washington First Lady of the United States In office April 30, 1789 – March 4 …   Wikipedia

  • Wythenshawe — infobox UK place country = England map type= Greater Manchester official name= Wythenshawe population= 66,267 (2001 Census) latitude= 53.3923 longitude= 2.264 metropolitan borough= City of Manchester metropolitan county= Greater Manchester region …   Wikipedia

  • Welsh Bicknor — infobox UK place| static static image caption= Welsh Bicknor Church official name= Welsh Bicknor welsh name= Llangystennin Garth Brenni unitary england= Herefordshire lieutenancy england= Herefordshire region= West Midlands country= England… …   Wikipedia

  • New Jersey Meadowlands Commission — Agency overview Formed 1969 Jurisdiction New Jersey Meadowlands Headquarters 1 DeKorte Park Plaza, Lyndhurst, NJ 07071 Agency executives …   Wikipedia

  • Kingston Centre — The Kingston Centre (originally Kingston Shopping Centre) was an indoor mall built in Kingston, Ontario in 1955 and demolished in 2004. The Kingston Centre name now belongs to a 223,327 sq ft. campus style open air shopping centre on the same… …   Wikipedia

  • Brantford municipal election, 2010 — The 2010 Brantford municipal election was held on October 25, 2010, to elect a mayor, city councillors, and school trustees in the city of Brantford, Ontario. Results 2010 Brantford municipal election, Mayor of Brantfordedit Candidate Total votes …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”