Red Fields to Green Fields is a research effort analyzing the effects of:

  • Acquiring financially distressed properties (real estate “in the red”) in major U.S. cities
  • Converting them into green space: public parks and adjacent land “banked” for future sustainable development.
 
 
 

The Problem

A glut of commercial property threatens our communities, businesses, hundreds of small and mid-sized banks, and the FDIC.

 

The Promise

Parks improve the economy, environment, and health of a city. We can seize this historic opportunity to create more livable, healthier communities and avert the imminent failure of many banks and businesses.

 
 
 

The Financing

Low-cost loans would be made via a land bank and parkland acquisition fund provided by the nation's banking system and led by the Federal Reserve, Treasury, and FDIC.  Funding could also come from creative financing options such as tax credits, leveraged with local equity capital.

 

The Solution

Public-private partnerships would buy distressed properties and remove buildings, using loans from the Land Bank Fund. Part of the land would be turned into a park; the rest would be redeveloped later to retire the loans. Each phase would create jobs and support property values.

 
 
 

Good for the Economy

  • Remove bad loans from banks’ books and avoid bank failures
  • Create jobs in park design, construction, and maintenance
  • Increase values of businesses and residences near finished parks
 

Good for the Community

  • Replace concrete and glass with trees, green space, and cleaner air
  • Remove eyesores that attract crime and vagrancy
  • Create space for play and exercise, to combat obesity and poor health
  • Offer adults a place to garden, gather, and connect with neighbors
 
 
 
 

Phase 2 City Studies

A second set of studies by local universities and cities:

- Detroit

- Hilton Head Island

- Los Angeles

- Phoenix

Houston

Speedwell Foundation Videos

A series of videos produced by the Speedwell Foundation describing the real estate and economic challenges and implementation of Red Fields to Green Fields strategies in select cities can be accessed through the following links:

- NEW! - Houston

- NEW! - Detroit

- Phoenix

- Los Angeles

- Red Fields to Green Fields

- Atlanta

- Cleveland

- Denver

- Miami-Dade

More coming soon.