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Related to Brownfield: Brownfield Investment
The designation of the U.S. Environmental Protection Agency (EPA) for existing facilities or sites that are abandoned, idled, or otherwise underused real property where expansion or redevelopment is complicated by real or perceived environmental contamination that needs to be cleaned up before the site can be used again. Examples are former dry-cleaning establishments and gas stations. The use of brownfields typically reduces land cost by using land that is less desirable. However, lower land costs must be balanced against the cost of any required remediation and possible health risks to residents. The EPA sponsors an initiative to help mitigate these health risks and return the facility or land to renewed use. Many green guidelines and standards provide points for building in brownfield areas.