Greenville and the surrounding areas have seen a great deal of development and revitalization over the past several years—and we have urban infill initiatives to thank for a lot of the area’s growth. For real estate investors thinking about building a new residential property, urban infill offers an environmentally friendly and viable alternative. At Parker Group, we have experience in utilizing urban infill initiatives to create new and successful developments in Greenville and the surrounding communities, and we’d love to help you.
Understanding Urban Infill
Urban infill developments refer to those that use existing, often-vacant real estate to create something new. For example, an abandoned warehouse may be re-purposed into residential housing in the form of condominiums or apartments, giving an old building new life and function. These types of real estate developments are becoming increasingly common in both urban and rural areas, and Greenville is no exception.
Benefits of Urban Infill Projects
Why would a real estate developer want to take on the task of rehabbing a vacant property when they could simply build one from scratch? There are countless reasons. For starters, an urban infill project allows developers to work with an already established building, thus cutting down on costs related to clearing land, bulldozing, running city utilities, and more. Furthermore, urban infill projects are a more environmentally conscious and responsible way to create new real estate opportunities in many areas. By using an existing building and giving it a new purpose, developers also help the planet by not having to clear out new land, cut down trees, and disturb the natural habitat in order to create space for building a brand new development.
Economically, communities also benefit from urban infill projects. Consider, for example, the fact that vacant land is not only an eyesore in a community but a waste of revenue potential. When a vacant building is re-purposed via urban infill initiatives, these buildings once again become a source of tax revenue and other profits for the community. And of course, with fewer abandoned buildings, there may also be a reduction in crime around these areas.
In this sense, it is very possible for one successful urban infill project to drastically change the terrain of a community, opening up all kinds of possibilities for future growth and area development.
At Parker Group, we’re proud to have assisted with several urban infill projects in Greenville already, and we’d love to help you with your development consulting needs. Contact our team today to begin discussing your goals with our experienced professionals.