Jonathan Lerner gives an extensive analysis of the benefits of turning failed commercial properties, or "redfields", into strategically-picked park land for revitalization purposes. Some conversion would be permanent, some just land banking.
Lerner says that "Redfields to Greenfields" plans "have been completed for Cleveland, Denver, Miami, Philadelphia and Wilmington, Del. More are under way in Detroit, Houston, Los Angeles, Phoenix and the Savannah-Hilton Head area. "
Three main funding sources are proposed to make this happen: unused funds from the Federal government's Troubled Asset Relief Program, local philanthropists, and private equity investors.
"'We would have a managed fund, in a not-for-profit, that would oversee the funds from those three sources, and then would eventually sell that [temporary greenfield] property into private developers' hands,' [Tad Leithead, chairman of the Atlanta Regional Commission,] explains."
FULL STORY: Turning Failed Commercial Properties Into Parks
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