Pittsburgh ranked 6th on a list of 27 U.S. cities ranked by potential redevelopment opportunity that could attract renewed investment and reinvigorate to former industrial sites.
According to Arcadis, cities that invest in redeveloping surplus industrial land can drive growth, gain a competitive edge, and expect to benefit from ongoing sources of revenue generation, increased tax base, and job creation.
The 2016 Arcadis Urban Land Restoration Index analyzes three key factors that play a significant role in the restoration and redevelopment of an industrial property:
- Cost of cleanup (remediation) to address environmental issues;
- Current or future potential value of the land itself; and
- City “dynamism,” a reflection of the attractiveness, growth potential, real estate performance, resilience, and business environment that drive competitive advantage for cities.
“The health of our cities, our communities, and our environment is one of the most pressing issues we face in the United States today,” said Kurt Beil, Global Leader for Environmental Restoration at Arcadis. Proactively tackling the legacy of our proud industrial past by transforming environmentally distressed properties into thriving urban spaces is a critical step in securing a safe and sustainable future for our growing cities.”
The top ranking cities in the Arcadis Urban Land Restoration Index are:
- New York
- San Francisco
- Los Angeles
- New Orleans
- Washington DC
- San Diego
- Las Vegas
Read more at: www.arcadis.com/ULRI
Read the full report at: Arcadis Urban Land Restoration Index
Contact: Kurt Beil