Repositioning can be defined as the process of getting a property that is abandoned or underutilized back to the traditional real estate market. Properties that require repositioning simply can be in need of a creative eye or may, in fact, be deeply underwater from a financial perspective. In addition to the public sector, other parties can help to reposition their properties. Examples in this article include a group of potentially responsible parties (PRPs) working to bring an abandoned property back, a manufacturer who used the property for 100 years and is preparing to sell it, and a developer who purchased a property where the encumbrances were perceived to exceed its value.

Borne Chemical, Elizabeth, N.J. A group of PRPs who had sent materials to be recycled were left with a mess when the Borne Chemical Company shut down. They didn’t own the property and significant taxes were owed. In order to ensure the long-term sustainability of the remedy, the PRPs knew they needed an owner who would invest in the upkeep of the site. In order to help resolve their liability, they conducted a market study and did some reuse planning which determined that the property had value. ...

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