Articles With "Development" Tag

New Disruptors Video: The (LEED) Gold Making Greenbridge Developments

Business 2.0 & Greenbridge Developments

Previously, I wrote about Greenbridge Developments, which is a mixed-use development in North Carolina expected to receive LEED Gold certification.  This development is an incredible example of the business case for green building.  They haven’t even broken ground on the development yet, but it’s 2/3 sold out.  Here’s the math.  There are about 99 units planned at an average price of $650,000 each (not averaging in revenues from the retail space).  Wait, is that right?  66 units x $650,000 = $42.9 million?  Wow.  I’d like to see the estimated cost of construction because these numbers are incredible (again, without even factoring in retail revenues). 

Business 2.0 and Erick Schonfeld have produced a video on Greenbridge Developments talking about low-carbon building materials, solar power, C2C, etc.  The video is part of the New Disruptors video series available on iTunes.  You can also view this episode online here

Good Links:
++Greenbridge Developments Official Website
++Eco-condos of the Future (Greenbridge) [The Next Net]

Telus Tower of Toronto (S2)

Telus Tower Telus Tower is going to be one of the first new towers constructed in Toronto in a long time.  It could also be one of the most technologically advanced towers in Canada.  Using the LEED certification system as a guideline for design, the Telus Tower will pursue Silver level certification.  It’s expected to cost about $250 M to build, with about 30 stories comprising 780,000 sf of office space.  Telus will occupy about 60% of the building when it is completed by the beginning of 2009. 

In addition to the LEED elements, Telus Tower is going to be a showcase of "Future Friendly™" Technology in both building automation systems and tenant environments.  This will include floor-to-ceiling windows, raised floors for underfloor distribution of hot/cool air, and state-of-the-art communications cabling and electrical power. 

Good Links:
++Telus Announces New Office Development in Toronto [Telus]
++New Towers Paint the Town Green [thestar.com]
++Toronto Downtown Towers Going Green [treehugger]

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Finding Equity Partners + Green Development

Green Equity Partners

UPDATE: 4/27/08 – the market has changed substantially since writing this article and some of the green funds I was in touch with are no longer looking for deals. 

Hey green developers, I’m not sure what stage of planning you’re in and whether you’ve completely figured out your capital stack, but I have some information that may be of assistance in finding a good equity partner.  Feel free to shoot me an email at jetsongreen at yahoo.com, and I can get back to you.  In your email, let me know the company you’re with and some quick details about the green project you are planning.  I may be able to help developers with the following general characteristics:

  • Experienced developer of LEED or other third-party green certified real estate assets;
  • A reputation for quality and excellence in development;
  • Track record of handling projects averaging $50-$75M or more;
  • Looking for equity financing for a green development in any real estate product type.

I’m not promising anything, I’m just saying, depending on your situation, I may have information on a good source for equity capital from people that know green development. 

SolTerra, MKD Green Townhouse Development

MKD Townhouses

Not only is Michelle Kaufmann Designs (MKD) taking the green prefab world by storm, but it looks like MKD is working with Communities by Design to build a 26-unit, green townhouse development.  Nice.  The two- and three-bedroom, two-story units will have covered parking, private and shared outdoor gardens, high quality finishes and fixtures, sustainable materials and systems, high-performance insulation, and solar panel systems.  The townhouse development will be located somewhere in San Leandro, CA, and should be opening in late 2007. 

Good Links:
++MKD + SketchUp + Google Earth Mashup [JG]
++MKD Sunset Breezehouse + mkSolaire [JG]

Eleven Times Square (S2)

11 Times Square Eleven Times Square

Eleven Times Square is planned to be one of the next green buildings in NYC at 8th Avenue and 42nd Street.  The 1.1 million sf speculative office space, with two floors of retail, will be finished in 2009.  Also, if everything goes as planned, 11 Times Square will be certified to the LEED Silver level by the USGBC.  While it’s still early, apparently the 40-story tower is two months ahead of schedule (but there’s still 2 more years to get behind schedule).  The tower was designed by FXFOWLE Architects, and specific details of green elements are kind of hard to come by.  We’ll keep an eye on it and pass on more details as the specifics come available. 

Good Links:
++Eleven Times Square [Official Website]
++11 Times Square Starts Spec Construction [Globe St.]

::"S2" is short for "Skyscraper Sunday," a weekly article on green skyscrapers posted every Sunday::

Sprawl Movies: The Unforeseen + Radiant City

Stories about sprawl are pretty compelling.  With sprawl, on the one hand, you have unrestrained capitalism and the chase for economic distinction, and on the other hand, you have depleted community resources, mediocre homes, and limited city resources.  Tough issues to deal with on both sides.  Here’s the gist on two, new sprawl movies:

  1. The Unforeseen – Official Selection of the Sundance Film Festival 2007, this is documentary about a development near Barton Springs in Austin, Texas.  Apparently, the story is told evenly from all sides and somewhere in the middle, the developer gets a little help from the future Governor George Bush. 
  2. Radiant City: A Documentary About Suburban Sprawl – there’s a trailer for this one above.  Garage-centric homes, side-by-side, with no community feel whatsoever.  Apparently this film is comedic and tugs at the problems of sprawl in a unique way. 

I haven’t seen either (other than trailers), but I look forward to seeing them when they come around. 



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