Commercial Investment Real Estate is the magazine of the CCIM Institute, the leading provider of commercial real estate education. CIRE covers market trends, current developments, and business strategies within the commercial real estate field.
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of creating a green community. T is was an extremely competitive process. T e project was also awarded a $1 million grant from the city of Charlotte's Housing Trust Fund. An additional investment of $5.66 million was infused by CHA for a total development cost of $12.86 million. CIRE: Why did CHA pursue LEED Gold certifi cation for the property? Daniels: In 2008, CHA had adopted a sus- tainability policy that encouraged green building when feasible. T rough the pur- suit of LEED certifi cation we were able to successfully leverage our capital with grant funding sources that incentivized green building. T is was critical to off setting addi- tional costs and time involved. Early in the design process, I pushed the envelope and decided to pursue LEED Sil- ver with the architect and consultants. Soon aſt er, the competitive application for HUD stimulus funds incentivized CHA to pursue higher green standards. In the application, CHA committed to the highest level, which required a savings in energy and water con- sumption of greater than 35 percent. T e construction manager ensured that a number of additional means and methods, such as more than 75 percent of waste diverted from landfill, sourcing local and regional materials, and maintaining 98 percent of existing wall, fl oor, and roof elements, were implemented during the construction phase. T ese additional strategies enhanced the proj- ect's sustainability and ultimately elevated Charlottetown into LEED Gold territory. CIRE: How did your CCIM education and skill set assist you with the project? Daniels: T rough the assessment of the resi- dent population, I was able to quantify the need for offi ce and retail services in close proximity to the site. I was able to justify the conversion of 19 residential units to 12,000 square feet of retail and offi ce space for ser- vice providers and retailers eager to serve a captive audience within the building. T is served a sustainable element of the project. By incorporating the space within the build- ing we reduced the need for the residents to make trips to offi ce and retail locations off -site. T is reduced the carbon footprint, reduced transportation-related expenses for the residents, and ultimately increased the value and marketability of the asset. T ere were a number of challenges relating to the implementation of new direction, pro- cesses, and execution as well. I relied heav- ily on my ability to explain and substanti- ate positions based on detailed analyses for strategic decisions. My CCIM skill set proved extremely valuable throughout this process. Jennifer Norbut is senior editor of Commer- cial Investment Real Estate. If you have a story worth sharing in CCIM Q&A;, send it to jnorbut@ccim.com. April 14 - 18, 2013 CCIM SPRING BUSINESS MEETINGS Chicago, IL DATE SAVE CCIM.com November | December | 2012 13 THE