Real Estate Journal — Green Buildings — May 26 - June 8, 2017 — 21B
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G reen B uildings
Honorable Mention Larry Bijou selected for Locus Developer Of The Year
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a LOCUS Developer of the Year Honorable Mention, awarded by Smart Growth America to recognize com- mitment to public leadership, sustainability, walkable de- velopment and smart growth, transit-oriented projects. Bijou was specifically cited for Park + Garden, a 12-story, 212-home luxury rental build- ing located at 1450 Garden Street. Designed for LEED Gold certification, Park + Garden maximizes its uptown Hoboken location near the shops and dining of famed Washington Street, as well as
commuter options into Man- hattan just steps away via nearby New Jersey Transit buses and New York Water- way Ferry Service. New Jer- sey Transit PATH trains and the Hudson-Bergen Light rail system are also easily acces- sible from the property. “It’s an honor to be rec- ognized with this industry accolade,” Bijou said. “It’s a testament to the entire Bijou Properties’ team which is committed to building envi- ronmentally-friendly build- ings and responsible urban development. n
OBOKEN, N J — Bijou Properties continues to be rec-
ognized both locally and nationally for its dedicated effort to create sustainable urban buildings and envi- ronmentally-conscious com- munities in this Hudson County City. Most recently, Larry Bi- jou , the company’s manag- ing partner, was selected for The new math for LED retrofits charge of $50,000. With a total “installed cost” of $200,000. and an annual utility bill savings of $200,000., this project will have a one year payback on the retrofit investment cost. As indicated above, this “model” is an actual case study. In terms of the one year pay- back, that is a very fast payback and quicker than most retrofit projects – average paybacks are usually in the two year range. But it serves, however, to demonstrate an important factor. With one year paybacks, similar to this model, the best value is to proceed quickly with the retrofit, so as not to leave any potential savings on the table. The priority here is to capture the $200,000 annual savings as soon as possible. For project models in the two year payback range, maximize the return by focusing on the product selection to emphasize the “longevity of product” as- pect. Extending the useful life of the retrofit to the 7 to 10 year range will boost the investment return. As for buildings, both commercial and multifamily, facing LL 88 compliance, there is little value in waiting out the January 1, 2025 deadline clock. This model supports the premise of initiating LL88 compliance with the required LED retrofit as soon as pos- sible. Again the best strategy is to focus on a product longevity to ensure a high investment return. In terms of identifying spe- cific quality LED products with longer warranties that would be applicable for most retrofits, we would recommend investigat- ing Universal Lighting which has a line of LED products with 10 year warranties. Their LRA and LRK retrofit assembly product series are designed to retrofit existing fluorescent continued on page 24B continued from page 20B
Park + Garden
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