Using risk maps to link land value damage and risk as basis of flexible risk management for brownfield redevelopment

Brownfield redevelopment involves numerous uncertain financial risks associated with market demand and land value. To reduce the uncertainty of the specific impact of land value and social costs, this study develops small-scale risk maps to determine the relationship between population risk (PR) and damaged land value (DLV) to facilitate flexible land reutilisation plans. This study used the spatial variability of exposure parameters in each village to develop the contaminated site-specific risk maps. In view of the combination of risk and cost, risk level that most affected land use was mainly 1.00×10-6 to 1.00×10-5 in this study area. Village 2 showed the potential for cost-effective conversion with contaminated land development. If the risk of remediation target was set at 5.00×10-6, the DLV could be reduced by $15,005 million for the land developer. The land developer will consider the net benefit by quantifying the trade-off between the changes of land value and the cost of human health. In this study, small-scale risk maps can illuminate the economic incentive potential for contaminated site redevelopment through the adjustment of land value damage and human health risk. © 2012 Elsevier Ltd.