Real Estate Journal — Owners, Developers & Managers — November 27 - December 10, 2015 — 17B
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For a new 54-story, mixed-use residential building NewJersey BPU approves energy-efficiency incentives J ersey City, NJ — Ac- tions by the New Jersey Board of Public Utili-
ties continue to advance Gov- ernor Christie’s 2011 State Energy Master Plan energy efficiency goals by establish- ing an LED Surface Lighting Program for state-owned fa- cilities and approving energy- efficiency incentives for a new 54-story, mixed-use residen- tial building currently under construction in Jersey City. “Today’s action demon- strates the Board’s continued commitment to implementing the goals and policies of Gov- ernor Christie’s 2011 State Energy Master Plan in sup- port of the efficient use and conservation of energy,” said Richard Mroz , president of the NJ Board of Public Utili- ties. “Through efforts such as the LED Surface Lighting Program and incorporating the Environmental Defense Fund’s Investor Confidence Project protocols into New Jersey’s Clean Energy Pro- gram, New Jersey continues to be a leader in energy ef- ficiency and improving the environment.” In establishing the LED Surface Lighting Program (LSLP), the Board approved initially funding using $1.8 million in federal funds to install high-energy efficient lighting upgrades at State parking garages and facili- ties. The first six projects will upgrade inefficient lighting fixtures in parking garages at the State House, Department of Motor Vehicles, Hughes Justice Complex, and the De- partment of Labor, and inef- ficient lighting in the Central Distribution Warehouse. The LED lighting upgrades at the six facilities are ex- pected to result in total esti- mated annual energy savings of 1,810,194 kwh; saving NJ taxpayers approximately $199,000 annually. Over the expected life of the equip- ment, taxpayers are expected to save nearly $2 million. The program will also comply with all federal regulations, including Buy-American compliance rules. The pro- gram will be administered by the State Energy Office within the New Jersey Board of Public Utilities. The Board also approved energy-efficiency incentives, through New Jersey’s Clean Energy Program (NJCEP)
455 Third Street Jersey City, NJ 07302 Ph: 201-653-1613 Fx: 201-653-5470 Bob Kilroy bkilroy@Jewelelectric.com
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Journal Squared I
take a long-term approach to real estate investment and ownership. As operators, energy consumption is one of our largest on-going expenses and one we are always trying to manage. As investors, we strive to be positive assets to the neighborhoods where we build. Reducing the long- term environmental impact of our buildings is a way to stay true to that philosophy.” Pay for Performance incen- tives are anticipated to offset 59% of the additional cost of the energy-efficiency up- grades. Once the building is occupied, the energy-efficient equipment is expected to save 614,687 kWh of electricity and 4,533 MMBtu of natural gas each year. As a result, energy savings are expected to provide a three-year pay- back period. “While we always push for greater energy efficiency, the upfront cost of many of the investments can be a sizable hurdle to overcome,” Kaplan said. “Pay for Performance incentives play a key role in helping to make such long- term investments a reality.” Journal Squared i s a phased development that includes construction of two additional buildings, with the largest currently planned to reach 70-stories tall. The Journal Squared project also includes designs for a new pe- destrian plaza at the Journal Square PATH station, retail space and podium parking. The NJCEP Pay for Perfor- mance program incentivizes businesses that take a com- prehensive, whole-building approach to saving energy in both new construction as well as existing buildings. Incentives are directly linked to reducing energy use by at least 15 percent. n
Pay for Performance pro- gram, of $686,731 for Journal Squared I, a new 54-story, 538-apartment, mixed-use residential building currently under construction in Jersey City. The incentives will make possible more than $1.2 million in upgrades that will result in expected an- nual energy savings of over $150,000. Journal Squared Associates, the developer for the project, will receive incen- tives through a series of three installments and incentive levels are directly linked to the amount of energy savings that will be achieved at the complex. “For new construction proj- ects greater than 50,000 s/f, the Pay for Performance pro- gram provides the resources developers need to take their buildings to the next level of energy efficiency,” said presi- dent Mroz. “As developers re- make the Jersey City skyline, Journal Squared will stand tall as a model in energy ef- ficiency for all of New Jersey.” Kushner Real Estate (KRE) Group designed Journal Squared with en- ergy-efficient features that include high-efficiency water- source heat pumps, LED lighting, window upgrades and occupancy sensors, as well as ENERGY STAR re- frigerators and dishwashers. Low-flow faucets and a high- efficiency central boiler for domestic hot water will also reduce energy consumption by avoiding the use of more than 530,000 gallons of water per year. “The decision to invest in energy efficiency is one that aligns with both our practi- cal business needs and core philosophy,” said Jeremy Kaplan , chief operating of- ficer of the KRE Group. “We
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