Asbestos removal and demolition costs delay redevelopment in The Village, OK
Redevelopment of the Vintage Lake Apartments in The Village, Oklahoma will not go forward for at least a few more months. Going ahead with the project will require the city to borrow $1.5 million to cover demolition costs. The city has already applied for an EPA Cleanup Grant that, if approved, would provide $200,000 to help cover the costs of asbestos removal. And the City doesn’t want to undertake a loan obligation until pending floodplain issues have been resolved.
The costs of asbestos removal and demolition is often underestimated by the public in redevelopment projects. In some cases, these costs can substantially delay or block redevelopment, and asbestos left in vacant, crumbling buildings can cause serious public health hazards. In this case, it appears that the project will be able to continue in the near future.
Read the full story from The Oklahoman.
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