Pinellas Commercial Real Estate Properties Go from Brown to Green

What are Brownfields? And, more importantly, why are they so important to the commercial real estate relocations and expansions in Pinellas County and cities like Clearwater, St Petersburg and Feather Sound?

Brownfield sites are properties where the expansion, redevelopment or reuse is complicated by hazardous contamination - actual or perceived. These properties are usually left derelict because the price tag involved in “cleaning up” and bringing the land to code can be quite hefty. Yet, the land they occupy is often ideal for residential homes or commercial office space for rent or sale. In fact, some counties like Pinellas find that the benefits far outweigh the initial cleanup costs and that over time, the efforts prove to be very beneficial. Bear in mind that Pinellas County is the second smallest and the most densely populated county in Florida. And, for areas like Clearwater, Saint Petersburg, and Feather Sound that have few large undeveloped vacant parcels left, the restoration of Brownfields has become a primary redevelopment strategy.

According to Pinellas County Economic Development, the benefits of Brownfield redevelopment are not only to produce additional green space, but to cleanup and repurpose abandoned or unused sites thus improving employment opportunities and economic vitality by making room for more commercial office space for rent, office parks and commercial properties, in addition to increasing affordable housing units and creating other community amenities. These projects are literal examples of the trickle-down syndrome, a true win-win situation. Then, factor in the business tax incentives, job creation tax credits, and loan guarantees (to name just a few), and suddenly it all makes even more sense for the county, property owner, office space tenant, and company considering remediated commercial real estate expansion or relocation.

To date, Pinellas County has four renovated Brownfield sites in St. Petersburg, Clearwater and Largo. The latter is the most successful example of a government Brownfield - the Young-Rainey STAR Center in Largo, which is this nation's first successful conversion of a former U.S. Department of Energy defense manufacturing facility to a commercial, high technology center. Projects like this are a bonus to all businesses looking for Clearwater, St. Petersburg, and Pinellas County commercial space for lease or sale.

For more information on Brownfields, the following websites provide a multitude of information.

Florida Department of Environmental Protection-Brownfields

U.S. Environmental Protection Agency – Brownfields

Florida Brownfields Association

Hallmark Green Glossary

For more information, contact Paul Engelhardt at 727-539-7002 or Paul@HallmarkDevelopment.net.