Many times the best properties to redevelop are the ones that have been eyesores for a generation. Orphaned sites that have been passed over.
Our client wanted to develop hundreds of affordable housing units on an assemblage of lots near the city center. Each of the properties were recently up-zoned from Single Family to Neighborhood Commercial – which permitted the housing authority to maximize the value by going vertical 5 stories. The main issue was that the corner property was a historical dry cleaning operation and the cost to remediate the soil and groundwater was prohibitive.
Since the client was a public entity, they were able to secure grant funding from the state. Unfortunately, the cost of remediating the dry cleaner was far more expensive than the available public funding.
The historical dry cleaner was no longer in business and the former owners had retired to another city. Restorical successfully identified these historical insurance policies from the 70s and 80s and working with the former owners were able to make the policies available to our client, the affordable housing developer.
With policies secured, our team of archaeologists and accountants worked with the attorneys and consultants to obtain coverage and get the remediation funded. All of this without litigation and without compromising on value.
Today, there are over 200 units of affordable housing that are close to the city center. Families can benefit from living near mass transit and jobs, limiting the amount of time commuting to/from work while benefiting from the new construction and amenity.Find Your Policy