GREEN URBAN SOLUTIONS
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Energy savings of 20-30% are easily achieved by simple improvements such as increased insulation, improved windows, and smarter energy controls....
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Why mixed use? Economic, ecological and social health all stem from diversity....
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EVENTS CALENDAR
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Apr. 2, 2010
Jonathan F.P. Rose, President
Keynote Speaker, MIT Real Estate Speakers Series
Cambridge, MA
http://www.mit.edu
Apr. 16, 2010
Jonathan F.P. Rose, President
Workshop Speaker, 20th Annual Regional Assembly
Regional Plan Association
Waldorf=Astoria, New York, NY
http://www.rpa.org
Apr. 22, 2010
Homer Robinson, Senior Project Manager, Romero Rose, LLC
Robert Straka, Senior Project Manager, Romero Rose, LLC
Presenters, "Gardens in the Desert: A LEED Multifamily Pilot Case History"
Rocky Mountain Green Conference
USGBC, Colorado Chapter
Colorado Convention Center, Denver, CO
www.usgbccolorado.com |
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The Joseph Vance and Sterling Buildings, Green Historic Office and Retail Property |
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| GOAL |
To create an economically viable model for greening a historic retail and office building in the Seattle marketplace.
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| CHALLENGE |
To balance the costs and benefits of green investments coupled with undertaking and completing renovations with 'in-place' tenants.
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| OUTCOME |
LEED EB Gold certified property coined “ground zero of the green movement”. Increased tenant occupancy from 68% to 96%.
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In 2006, the Rose Smart Growth Investment Fund I, L.P. acquired the 14-story Joseph Vance Building and the 3-story Sterling building in downtown, Seattle, Washington, with the express purpose of transforming them into the leading green and historic class B buildings in the marketplace.
Distinguished as transit-based urban properties, the buildings are located one block from a light rail stop and within walking distance to prime cultural, commercial and tourist destinations. Built in the 1920’s, the buildings consist of ground floor retail space with office above.
Since acquisition, the Fund has made significant investments in renovating the buildings to improve energy efficiency and environmental performance, as well as tenant experience. The Fund has raised occupancy from 68% to 96% and increased rents, tenant retention and net operating income, thus enhancing long-term value.
The Fund’s strategic investments included roof replacement with a LEED approved, light-colored membrane, lighting retro-fit, water fixture replacement, steam system retro-commissioning, window restoration, shading and light shelves, natural ventilation, and bike storage and shower facilities.
Additionally, the Fund professionalized leasing and management practices, and added green cleaning, integrated pest management, and the creation of a green tenant improvement and operations manual. These initiatives have lead tenants to call the buildings “ground-zero of the green movement” in Seattle. In 2009 the USGBC awarded the Vance Building LEED for Existing Buildings (EB) Gold certification.
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Firm Role
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100% owner
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Project Profile |
Acquisition, phased renovation and greening of existing historic commercial buildings in transit-based downtown urban location
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Project Team |
Architect: Zimmer Gunsul Frasca Partnership
Mechanical Engineer: Arup
Structural Engineer: Magnusson Klemencic Associates
Contractor: Turner Construction Company
Property Manager: GVA Kidder Matthews
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Total Project Size / Budget
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18,000 square feet of retail
115,000 square feet of office /
Acquisition Cost: $23.5 million
Improvement Cost: $3.5 million
TI / LC Cost: $2.26 million
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Completion |
Renovation on-going
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Selected Awards / Certifications
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LEED EB Gold
“What Makes it Green?: 2009 Regional Top 10 Awards”,
AIA Seattle
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