HOBOKEN, N.J. – April 4, 2011 – (RealEstateRama) — George Vallone, President of The Hoboken Brownstone Company, will headline a new forum designed to provide owners of contaminated properties the opportunity to market their assets to the real estate development industry at the 2011 National Brownfields Conference April 3rd-5th in Philadelphia.
Mr. Vallone will serve as keynote speaker for the Economic Redevelopment Forum which will not only allow property owners, redevelopment agencies, and communities the chance to directly exhibit their contaminated properties to real estate developers, but has been expanded to include representatives of Federal and State agencies who will discuss financial incentives and regulations that encourage Brownfield development in today’s difficult economic climate.
“The Economic Redevelopment Forum originally began as session where developers could meet with owners of contaminated properties and discuss development opportunities,” Mr. Vallone says. “However, as the economy has shifted, many developers face new challenges in finding real estate investment funds and securing financing and the forum will now address these concerns.
“The new structure of the forum will also focus on regulations and programs that support Brownfield redevelopment, as well as, outline methods owners and developers can use in order to obtain capital needed to move forward with projects.”
Mr. Vallone will focus on “Successful Land Development Strategies Using Structured Seller Financing and Joint Ventures” and outline 11 different financing structures developers and owners can utilize to cooperate in Brownfield redevelopment. The methods Mr. Vallone will discuss in detail ranked by risk to seller include:
1. Full Joint Ventures;
2. Sale contract with all approvals contingency, extended time to close, and a formula sale price;
3. A sale contract with Seller unsecured Junior financing;
4. A sale contract with Seller secured Junior financing;
5. A sale contract with Seller senior secured mortgage financing;
6. Option to purchase in phases (combines benefits of #’s 7 & 8);
7. A sale contract with a phased take down;
8. Option to purchase the entirety;
9. Sale contract with extended time to close with contingencies at a fixed price;
10. Sale Contract with a “Responsible Party” who prefers to remediate itself prior to transfer of title;
11. All cash, no contingencies, quick close contract.
Following the Economic Redevelopment Forum, Mr. Vallone and representatives of Federal and State agencies will be available to meet with attendees to discuss specific development opportunities.
About George Vallone:
As President of The Hoboken Brownstone Company — a multi-faceted real estate development firm active along New Jersey’s Hudson River “Gold Coast” for over 30 years — George Vallone, along with Chief Operating Officer Daniel Gans, has compiled extensive experience in urban housing through a socially conscience approach to development and has been responsible for renovating brownstones, row houses and has built mid-rise and hi-rise condominiums in Hoboken.
Hoboken Brownstone Company is now embarking on its most innovative project yet, the redevelopment of seven-acre Brownfield site in the Jersey Avenue Redevelopment Zone into Van Leer Place, a new mixed use neighborhood. The initial phase of 221 homes in the 481 residence community will be classified as a Demonstration Project under the NJ-Energy Master Plan.
About Hoboken Brownstone Company
Based in Hoboken, The Hoboken Brownstone Company is a multi-faceted real estate development firm which has been active along New Jersey’s Hudson River “Gold Coast” for 30 years. The company takes a socially conscious approach towards development and is committed to community enhancement endeavors by introducing new home communities in urban locations that respect their surrounding neighborhoods and keep alive their historical validity. For additional information on The Hoboken Brownstone Company, please call 201-792-3814 or visit www.HBrownstone.com.
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