Boylan Companies Commitment to Returns and the Environment
Let's be honest. Building "green" is simply the right thing to do.
But at Boylan, we also know that what is good for the environment is also great for investment. This is why we have become a leader in environmentally-friendly, sustainable development. Let us show you the math:
Operating a property is expensive stuff. But by increasing the efficiency of our building systems, we significantly reduce operational costs. Studies show that on average, green buildings save 10% of utility costs each year -- and sometimes much more.
How about asset value? A recent survey by a leading business research firm shows that green projects earn 3 percent higher rents and a 7.5 percent increase in value. Meanwhile, more and more investors are instituting eco-mandates that govern the types of projects they want to own. Of the 300 Real Estate Investment Trusts (REIT's) in the U.S. in 2007, 41% were actively seeking to "green" their portfolios. By meeting these standards now, we make our projects attractive to a wider variety of potential purchasers.
Other incentives for green development range from tax credits to expedited permit processing from state and local governments. Even insurers are looking to reward green developments for the higher appraisal values and healthier living environments they generate.
Among the less tangible but no less important benefits of green development is the marketing edge. By differentiating our products in a crowded marketplace, we speed up the pace of sales and lease-up, and we increase our residents' overall satisfaction.
In the end, we know that today's optional green standards will be tomorrow's required ones. To stay well ahead of the curve, Boylan has committed to meeting these standards on every project we develop. Very few multi-family developers have made this kind of commitment. Our leadership position in this effort is certainly something to feel good about. It also promises to generate tremendous value for our partners, residents and investors.
Case Study
To date, we have entered two significant multi-family projects into the Green Building Council's "Leadership in Energy and Environmental Design" (LEED) Certification program. Both are large, high-end projects, and both have been designed to LEED's exacting standards.
Our first LEED project, "Windsor Manor", began in late 2005. Located on a 22-acre parcel near the center of Raleigh, North Carolina, this urban apartment project promises to be at the top of the luxury apartment market. It will also be the Triangle's first LEED-Certified apartment community.
"Manor" employs many unusual design features in order to earn this Certification. Not least among these, it uses a system that collects stormwater and HVAC condensate and stores it for irrigation use. Before the "gray water" is actually stored, it is first channeled through a series of fountains and other landscape features that help to "filter" it. These features also serve as a kind of man-made oasis, helping to reduce the "urban heat-island effect".
On the interior, high-efficiency heat-pumps, increased day lighting, and "Energy Star" appliances work together to reduce energy usage by approximately 18-percent. Likewise, the plumbing fixtures incorporate the latest low-flow technology to reduce indoor water consumption by approximately 30%.
In terms of the site itself, we left approximately 15 acres untouched to serve as undisturbed wetlands that the entire City can benefit from.
To contribute to a reduction in automobile dependence, the project offers an onsite bus stop, pedestrian connection to Raleigh's "Greenway" trail system, ample bike storage, priority parking for hybrid vehicles, and a carpool bulletin board.
Of course, these represent just a handful of examples, as the LEED program is extremely comprehensive. The effort associated with designing to these standards is extremely intense. However, the increased value to our investors, residents and the environment makes it well worth the effort.
To learn more about the Green Building Council's "Leadership in Energy and Environmental Design" Certification program, visit the GBC website: www.usgbc.org.
