The Economic Development Advantages of High Performance Rehabilita;on Projects VCU Energy & Sustainability Conference January 30, 2013

Transcription

1 The Economic Development Advantages of High Performance Rehabilita;on Projects 2013 VCU Energy & Sustainability Conference January 30, 2013

2 Founding Firm Philosophy REBUILDING COMMUNITY As a practice, we focus on Urban Revitalization and the repopulation of our cities and towns. We believe that an active, vibrant city is a healthy city. We use the rehabilitation of existing buildings, supplemented with compatible infill development, as the catalyst for Rebuilding Community.

3 Relevant Experience Complex Adap;ve Reuse Projects The AdapBve Reuse of the Patrick Henry Hotel Roanoke, VA The AdapBve Reuse of The Chamberlin Old Point Comfort, VA The AdapBve Reuse of the Jefferson School Suffolk, VA The AdapBve Reuse of the Berry- Burk Building Richmond, VA The AdapBve Reuse of 700 Centre Richmond, VA The AdapBve Reuse of the AtlanBc Motor Company Richmond, VA The AdapBve Reuse of Richmond Memorial Hospital Richmond, VA The AdapBve Reuse of Stuart Circle Hospital Richmond, VA The AdapBve Reuse of Miller & Rhoads Richmond, VA The AdapBve Reuse of Maury School Fredericksburg, VA The AdapBve Reuse of Richmond LocomoBve Works Richmond, VA

4 State & Federal Historic Investment Tax Credit Programs Federal & State Programs Provide Tax Credits for SubstanBal RehabilitaBon of Historic Structures State & Federal Programs are CumulaBve - up to 45% Tax Credit Available State Tax Credit 25% of Qualified Expenses Federal Tax Credit 20% of Qualified Expenses All Work Must Conform with Secretary of the Interior s Standards for RehabilitaBon

5 State & Federal Historic Investment Tax Credit Programs Qualifying Expenses Include: Architectural, Engineering & ConsulBng Fees ConstrucBon Materials & Labor (Except Site Work) Building Must Be Within a NaBonal & State Historic District or be Registered as a Historic Structure Building Must be Owned by Private EnBty During ConstrucBon and 5 Years aber CompleBon Tax Credits Can Be Syndicated for Projects Involving Publically Owned Buildings

6 Private Building Historic Investment Tax Credit Syndica;on Example of the tax credit s value Qualified RehabilitaBon Expense Hard & Sob Costs of Project = $6,100,000 Federal Tax Credits (20%) = $1,220,000 Sold as Capital Investment = ($0.85/$1.00) $1,037,000 Berry- Burk Building State Tax Credits (25%) = $1,525,000 Sold as Capital Investment = ($0.76/$1.00) $1,159,000 Total Capital from Tax Credit Investment $2,196, % ReducBon in Cost of Project

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8 The Rehabilitation of the former Miller & Rhoads Department Store

9 6 th & Broad - Before Rehabilitation

10 6 th Street façade after 6 th Street Marketplace demolition

11 6 th & Broad Elevation

12 5 th & Broad - Before Rehabilitation

13 5 th & Broad Elevation

14 Before Rehabilitation 6 th Street Façade

15 5 th & Grace Elevation

16 Lobby - Before Rehabilitation

17 Hotel Lobby

18 Future Atrium

19 Atrium

20 Broad Street Streetscape

21 8 th Floor Loft

22 Typical Condominium

23 View from Convention Center

24 Updated Firm Philosophy REBUILDING A SUSTAINABLE COMMUNITY As a practice, we focus on Urban Revitalization and the repopulation of our cities and towns. We believe that an active, vibrant city is a healthy city. We use the rehabilitation of existing buildings, supplemented with compatible infill development and green practices, as the catalyst for Rebuilding a Sustainable Community.

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27 Historic Investment Tax Credit Projects Additional Project Issues The Secretary of the Interior s Standards for Rehabilitation vs. LEED Guidelines Flexibility required on both sides Historical Considerations Work with existing building characteristics Aesthetic Considerations New work must coexist in with original harmony

28 LEED Credit Strategies / Overlaps / Opportunities For Historic ITC Renovation Projects Take advantage of the inherent nature of the project: Rehabilitating an existing structure is fundamentally green. Restoration of historic fabric Natural Ventilation and Daylighting Insulated or storm sash windows where appropriate Eco-friendly material selection (local & renewable) Adaptive Reuse is the Ultimate Recycling Projects are often Urban Community connectivity is smart growth at its best.

29 LEED Credit Strategies / Overlaps / Opportunities For Historic ITC Renovation Projects Opportunities for New Equipment and Systems Energy Efficient Modern HVAC Systems Possibility of Innovative technologies for renewable energy (solar, geothermal): Less sophisticated, Lower O&M costs Air Quality Ventilation / Circulation Monitoring of CO2 Water Conservation & Efficiency Rainwater Harvesting Cistern Graywater Reuse Reduced-Flow Plumbing Fixtures Waterless Urinals

30 Case Study West Washington Street, Suffolk, VA PROJECT INFORMATION Original Building Constructed: 1905 Renovation Completion Date: March, 2010 Building Area: 8,895 sf Estimated construction cost: $ 810,000. Owner: 126 West Washington Street, LLC Portsmouth, VA Contractor: The Trent Corporation Richmond, VA Front Façade Before Projected LEED Certification Level: Certified/Silver Green Features: High Reflectivity Roof Materials Low Water Usage Plumbing Fixtures High Efficiency Mechanical Equipment Specification of Low VOC emitting materials User controllability of Lighting Systems User controllability of Thermal Comfort Systems Innovation Credits Achieved: Provision of Daylight Sensoring Control of Artificial Lighting Output. Exemplary Performance Credit for achieving water use reduction in excess of 40% LEED Accredited Professional Front Façade After

31 West Washington Street LEED Project Checklist

32 West Washington Street Exterior Before

33 West Washington Street Exterior - After

34 Summary of a Successful Project Approach For Small Historic ITC Renovation Projects Take advantage of the inherent nature of the project: Rehabilitating an existing structure is fundamentally green. Building Opportunities Urban Opportunities Take advantage of new technologies where appropriate Limited Scope/Cost due to project size Eco-friendly material selection (local & renewable) Cost does not have to be an issue Be flexible and open minded in approach Secretary s Standards for Rehabilitation vs. LEED Credit Guidelines Remember: An integrated design approach leads to an efficient and sensible solution

35 Rebuilding Healthy, Sustainable Community Reuse existing buildings Fill Broken Teeth with compatible infill development Use existing infrastructure Reduce dependency on the automobile by providing mass transit Encourage walkable communities Retrofit existing buildings with sustainable opportunities, such as: Building Envelope and Interior Energy Efficiency Air Quality Water Conservation and Efficiency Lighting Site

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