1.5M Commercial Buildings to Participate in Demand Response Programs by 2018, Pike Research Says
According to a new report from Pike Research, part of Boulder, Colo.-based Nivigant’s Energy Practice, the number of commercial facilities participating in demand response (DR) programs will rise from less than 600,000 in 2012 to over 1.4 million sites by 2018.
The report, “Demand Response for Commercial Buildings,” provides a detailed study of the growing worldwide market for DR in the commercial sector. The market opportunity and technology issues for DR in commercial facilities are explored and market drivers and inhibitors are examined. The report also includes in-depth analyses of regional trends and profiles of 19 key industry players, as well as market forecasts for load curtailment and revenue, segmented by region and by segment, through 2018.
Hartz Mountain Residential Development Earns LEED Silver
Osprey Cove, Hartz Mountain Industries’ luxury multifamily building at 45 Meadowlands Parkway in Secaucus, N.J., earned LEED Silver certification. The 116-unit development is the result of the developer’s effort to complement the shore of the 13,000-acre Meadowlands estuary preserve to the building by using recycled and sustainable materials, featuring an on-site recycling program, and installing motion sensors on all lighting in hallways and elevators as well as energy-efficient appliances in all units.
The ecological recovery of the surrounding Meadowlands was headed by Hartz Mountain and includes the newly renovated Snipes Park located adjacent to the building and the waterfront at Laurel Hill Park. Osprey Cove opened in June 2012; so far, nine studios, 50 one-bedrooms, 50 two-bedrooms and seven two-bedroom apartments with dens have been rented.
Aries Capital Closes $26.5M First Mortgage for Chicago’s Green Exchange
Aries Capital has secured a $26.5 million, 10-year non-recourse CMBS loan for Chicago’s Green Exchange, a 270,000-sq.-ft. LEED Platinum, class-A mixed-use property located at 2545 W. Diversey in Chicago. After the former Cooper Lamp Factory closed down the building in 2005, it was purchased by Baum Development, with plans to create a sustainable, environmentally-friendly, state-of-the-art office and retail facility. Midway through the renovation, Baum’s existing construction lender ceased financing due to the credit crisis. The firm was able to resume work and retain high-quality tenants after finding a substitute lender. In addition, Baum secured a $15 million HUD 108 loan for redevelopment in blighted lower-income areas of Chicago, along with tax increment financing. The borrowers also leveraged the property’s eligibility for historic tax credits and class-L tax benefits, reducing or freezing the building’s property tax for 12 years, as it is a landmark building.
In June 2012, Baum sought permanent financing by engaging Aries Capital. Aries secured a $26.5 million CMBS first mortgage to supplement and integrate with Baum’s existing financing. The property has obtained LEED Platinum certification.
McShane Development Purchases Site for New VA Outpatient Clinic
McShane Development Co.’s Heathcare Division has acquired a nine-acre parcel in Gilbert, Ariz. For a turnkey development of a 60,000-sq.-ft. LEED Silver Outpatient Clinic for the U.S. Department of Veterans Affairs from Park Corp. The parcel offers immediate access to Santan Freeway. McShane will break ground in February 2013. The new two-story facility will replace an existing VA healthcare facility near the Phoenix-Mesa Gateway Airport, and will provide services to over 19,000 local veterans. McShane’s contemporary design supports the expansion of healthcare services to include audiology, radiology, dental care, family support and physical therapy.
O’Donnell Strategic Industrial REIT Acquires Green Industrial Recycling Warehouse
O’Donnell Strategic REIT acquired a business park industrial property in Winston-Salem, N.C. for $4.46 million. The property is an industrial warehouse of 84,110 sq. ft. that is 100 percent leased to WM Recycle America LLC, which provides recycling, materials brokerage and container processing services in the U.S. and Canada. Waste Management has an investment grade credit rating and handles 8 million tons of waste per year. O’Donnell intends to move forward with LEED certification of the property using materials and processes that are resource efficient.
21 West End Avenue, NYC, to Be Newest LEED Luxury Rental Building in Upper West Side
Dermot Co. Inc. and AFL-CIO Building Investment Trust broke ground in December for 21 West End Avenue, located at the corner of 61st Street and West End Avenue on Manhattan’s Upper West Side. The 43-story building will be LEED certified and have 616 rental apartments with 30,000 sq. ft. of amenities, including a four-story, 112,440-sq.-ft. public school for children pre-kindergarten through eighth grade and 23,725 sq. ft. of retail space. The school, to open in 2016, will include classrooms, a gym and auditorium, science lab, library and two open play areas on separate roof terraces, and will be built to comply with School Construction Authority Green Schools standards.
The project is the fourth one in which the AFL-CIO has invested with Dermot and is the BIT’s 12th investment in New York City. The residential portion of the project will include a digital waterfall in the lobby, 60-ft. swimming pool, hot tub, 21,000-sq.-ft. fitness center, yoga and dance room, private wine bar and lounge, kids’ play area, hobby room and dog grooming space. The apartments will include floor-to-ceiling windows offering views of the city and Hudson River.
Chelsea Group, Capital Review Group Partner
Chelsea Group, a provider of building science consulting and related technology has partnered with Capital Review Group, a Phoenix, Ariz.-based energy and incentives solutions firm. The partnership will bring added value to clients through CRG’s Capital Discovery program, which identifies unrealized value in clients’ capital assets based on insight into tax incentives and energy efficiencies.