Part 1 of 2: Challenging Properties Series: BROWNFIELDS
SOLD: 7.16 acres of waterfront land in west Saint John on the St. John River at Deep Cove.
Decades ago the property was the site of a municipal incinerator and in recent years has been used by the owner for disposing of commercial fill. Evidence of the property’s past is still evident over the bank of the river where traces of glass and metal that didn’t get burned in the incinerator remain. The site is referred to in real estate terms as a “brownfield”. To be labeled a brownfield, the site must only be suspected of contamination. Investing in brownfield properties is seen as important because it contributes to protecting the environment by helping to clean potentially contaminated sites.
The subject property at 303 Milford Road in Saint John NB recently sold for $250,000. Future plans for the property are unknown.
Stephanie Turner of Brunswick Brokers represented the seller P.A. Martin General Contracting and Peter Pappas of Re/Max represented the buyer.
Do you own a brownfield property that you would like to sell? Contact us to see how we can help?