When most people think about real estate development, they tend to think about a development company coming into a plot of untouched land, bulldozing it flat, and building new residential properties. However, while this may have been the way of real estate development in the past, we’re starting to see a shift towards a more environmentally friendly alternative known as urban infill development.
What is Urban Infill Development?
Urban infill development refers to a process where an existing property is re-purposed for real estate purposes. Instead of tearing down a forest, for example, urban infill development may involve the renovation and refurbishment of vacant or under-utilized properties within urban and rural areas.
What Are The Benefits?
There are numerous benefits to using urban infill development. For starters, it’s great for the planet. Rather than cutting down trees and using up more resources to build new real estate properties, the urban infill method utilizes existing structures. This is also great for the involved city, as it revitalizes the area not only cosmetically, but economically as well.
For example, property that wasn’t generating any tax revenue while abandoned/vacant can be utilized as a source of tax revenue once again. Not to mention, costs are reduced since there’s no need to spend additional public funds on running and maintaining city utilities (sewer, water, electric, etc.) to an area that was previously undeveloped. The positive impact from repurposing and improving an existing property has a trickle down effect that is felt throughout the community.
Meanwhile, city hubs that may have otherwise been desolate or abandoned can enjoy new life. The city becomes safer and more walkable without these blighted areas. This in-turn, raises property values, attracts new businesses, creates a desirable place to live and generally improves the vibe of the city as a whole. With more people walking it also opens up possibilities for environmentally friendly means of public transportation and potentially improves air quality.
How Parker Group is Getting Involved
Here at Parker Group, we’re no strangers to urban infill development. In fact, we’ve already been utilizing it to help bring more density to the Downtown Greenville community with our new developments.
When it comes to real estate, Parker Group has always prioritized projects that make the city of Greenville a truly amazing place to live. If you’re interested in our development consulting or any of our other services, don’t hesitate to contact us.