June 25, 2008

Seattle real estate company says customers willing to pay up to 25% more for LEED condos
Windemere Real Estate Wall Street - June 19

Seattle's Windemere real estate blog reported that the new generation of buyers are demanding green built features when shopping for their first home, even though it can cost them up to 25% more. Even though builders are now being forced to make the additional up front investment in construction costs (averaging 2%), they will eventually yield over 10 times that amount over the life cycle of the building. Additionally, developers receive additional incentives from state/local government that help boost press and public interest.

Green Building Focus

NAHB green building legislation offers incentives to mortgage lenders

Mortgage News Daily.com - June 23

The National Association of Home Builders (NAHB) urged Congress to move forward on legislation to improve energy efficiency and sustainability in housing without driving costs above manageable levels.  Jerry Howard, NAHB executive vice president and CEO testified before a House Financial Services Committee hearing on the Green Resources for Energy Efficient Neighborhood Act (or the GREEN Act) of 2008. The GREEN Act provides incentives to lenders to provide lower interest loans and other benefits to consumers who build, buy, or remodel their homes or businesses to improve energy efficiency.  In addition, the law would require Fannie Mae and Freddie Mac to finance energy efficient and location efficient mortgages such as buildings located near mass transit.

Pasadena's LEED platinum "EcoHouse" represents modern, affordable design
Pasadena Now - June 23

Pasadena's "EcoHouse" will soon be built and become the first home in the US to have earned Platinum certification for water and energy efficiency by the U.S. Green Building Council. The 1,975 square foot three-bedroom, single-level Pasadena EcoHouse includes solar components, energy-efficient systems and appliances, minimal neighborhood impact and respect for the historic value of the community. The design: "can easily be duplicated on almost any buildable lot" according to architect Robert Mechielsen.

DOE issues $90 million for enhanced geothermal systems
US Department of Energy - June 18

DOE issued a Funding Opportunity Announcement (FOA) for the research, development, and demonstration of enhanced geothermal systems (EGS). The FOA offers up to $90 million over 4 years, of which $40 million will go toward research and development projects for the technologies needed to commercialize EGS and $50 million will go toward demonstration projects that stimulate existing unproductive geothermal reservoirs.

London's Battersea owners plan $8 billion development to include world's largest solar-driven ventilation system
Bloomberg News - June 20

The owners of Battersea Power Station, the London landmark that two developers tried and failed to revive in the past 25 years, proposed an $8 billion project to turn the 38-acre site into 8 million square feet of offices, shops and homes as well as a six-acre public park. Alongside Battersea Power Station's smokestacks, which provided a fifth of London's electricity supply in the early 1950s, the owners aim to build the world's largest solar-driven ventilation system. The 300-meter high glass and steel chimney would eliminate the need for air conditioning in the offices and ground-floor shops. The developers will seek planning approval from local authorities in 2009.

New cancer outpatient center in Grand Rapids to be LEED certified
WWJ Newsradio - June 22

The Lemmen-Holton Cancer Pavilion in Grand Rapids will provide West Michigan's widest, most advanced array of outpatient cancer services within a single, healing environment according to an article by WWJ Newsradio. The six-story pavilion took more than two years to complete and cost approximately $92 million. The Lemmen-Holton Cancer Pavilion is expected to be the first Spectrum Health building to earn LEED certification from the United States Green Building Council.

LEED platinum is the new trend in high-end homebuilding
New York Times - June 22

According to an article by the New York Times, small, LEED certified homes have become the new trend in high end homebuilding. However, some argue that the rating system is rigid and cumbersome, something that has been heard across the country as green building slowly ceases to be a do-gooder's hobby. More than 1,500 commercial buildings and 684 homes have been certified but just 48 homes have received the platinum ranking.  Frances Anderton, the Los Angeles editor of Dwell magazine, longs for the day when LEED recognition was irrelevant. "Architects should be offering a green building service," she said, "without needing a badge of pride."

Notable green building projects...

Hines’ 2211 Michelson is the first LEED-CS certified silver multi-tenant office building in California and on the west coast

The Irvine office of Hines, the international real estate firm, announced today that 2211 Michelson is the first building in California and on the West Coast to be certified for Silver status in the Leadership in Energy and Environmental Design Core & Shell (LEED-CS) development program, which is sponsored by the U.S. Green Building Council (USGBC). The 12-story, 266,605-square-foot office tower is strategically located in the heart of the Irvine Business Complex, two blocks east of John Wayne Airport.

Green, Greener, Greenest: Gerding Edlen Announces First LEED Platinum Certified Condo in the U.S.

Gerding Edlen Development, has another landmark first to add to its mantel of awards. The Portland-based developer, and finalist for the new downtown San Diego Civic Center, announced that its project, The Casey, is the first condominium in the country to be certified Leadership in Energy and Environmental Design (LEED) Platinum - the highest standard of green building designated by the U.S. Green Building Council.  Located in the heart of Portland, Oregon's Pearl District, The Casey combines a full slate of leading-edge green features with exceptional architecture and luxury design.

Phoenix Convention Center receives LEED silver for its 157,000 square feet addition

The U.S. Green Building Council awarded a silver certification to the Phoenix Convention Center for its West Building, a 2006 addition with 157,000 square feet of meeting and exhibition space. The West Building is part of the $600 million expansion of the Phoenix Convention Center. The final phase of the project, the North Building, is expected to open to the public in January 2009.

University of Iowa's public health building seeks LEED silver

The University of Iowa's (UI) College of Public Health intends to achieve Silver-level certification. It will be the first LEED-certified academic building on the UI campus. Construction of the facility is scheduled to begin in the spring of 2008, with project completion by late 2010.

IBM to build $75 million "largest green data center" in Canada

IBM has signed an agreement to build a $75 million, 150,000 square foot "green" data center in British Columbia. The new facility called gigaCENTER Services Corp will be among the most efficient and "greenest" large-scale data centers in Canada. When completed, the facility will support 70,000 square feet of raised-floor data center space and create jobs for up to 100 employees.


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About Allen Matkins

Allen Matkins Leck Gamble Mallory & Natsis LLP, founded in 1977, is a California law firm with over 240 attorneys practicing out of seven offices in California. The firm's broad based areas of focus include construction, corporate, real estate, project finance, business litigation, taxation, land use, environmental, bankruptcy and creditors' rights, and employment and labor law. More...

 

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