What describes a Brownfield real estate project?

A Brownfield real estate project refers to a property that has previous development, often with potential environmental contamination, and is typically in need of remediation or redevelopment. The term specifically highlights the transition and repurposing of existing sites rather than creating entirely new developments or working with raw land. Thus, projects that involve existing assets, which may have been underutilized or abandoned, and their transfer from public oversight to private ownership fits this definition well. This allows for revitalization and potential enhancement of the property while addressing any prior environmental concerns.

The other options describe different types of real estate projects—completely new developments involve starting from scratch on undeveloped land, projects being constructed pertain to ongoing construction without the focus on their previous state, and raw land awaiting development indicates untouched ground rather than the redevelopment aspect characteristic of Brownfield projects.