Green Buildings Spring to Life, Thanks to Government Credits
July 16, 2005
By Natalie Dolce, Production Editor
Pamela Lippe
Most multi-family developers have shied away from the green building concept, believing the environmentally friendly projects are not worth the extra green. However, with the low-income housing tax credit providing financial incentives and the U.S. Green Building Council's Leadership in Energy & Environmental Design certification program picking up steam, developers are starting to take notice.
"Ten years ago, there were only 200 members in the U.S. Green Building Council," said Ross Spiegel, associate & senior specification writer with the Connecticut-based architectural and engineering firm Fletcher Thompson Inc. "Now, there are (5,516), which shows the concept's popularity."
According to the Green Building Council, 78 multi-family projects are currently registered, and 11 have been certified.
In New York City, numerous governmental agencies have embraced green building concepts, including The Battery Park City Authority, which has mandated that all commercial and residential building construction in the area must be green.
Developers of The Solaire at Battery Park and The Helena on West 57th St., both residential, luxury apartments, had no problem marketing the green concept—or finding residents. In fact, e4 Inc. president Pamela Lippe noted that The Albanese Development Corp., which developed The Solaire, is working on a second building in Battery Park.
In addition, Related Capital Co. recently opened the solar energy-powered Vista Montana apartment community in Watsonville, Calif., estimated to reduce energy bills by as much as 90 percent.
State proponents for green building include California, Illinois and Massachusetts, which all award points or tax credits for developments that utilize alternative energy sources such as geothermal heating or solar panels, according to the National Multi-Housing Council. At least nine states award extra points to developers that use water-conserving fixtures and appliances.
And contrary to what many developers believe, green buildings can cost as little as 2 percent more than the construction of standard buildings. "The initial cost is more than a conventional building," Lippe said, "but it has decreased and is not as high as people perceive."
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