2024 Winter Issue of Urban Land - 46

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4. Holly Spring Meadows Apartments
PRINCE GEORGE'S COUNTY, MARYLAND
Dating back to the 1960s, Holly Spring Meadows Apartments
contains 224 units that range from one bedroom to three. To
help make the community more energy- and resource-efficient,
the owner, FCP of Chevy Chase, Maryland, applied to the Maryland
Department of Housing and Community Development's
Multifamily Energy Efficiency and Housing Affordability (MEEHA)
program, which provides funding for multifamily developments
in which at least 20 percent of households have incomes of 80
percent of area median income or less.
The funds enabled FCP to carry out an LED lighting retrofit,
make mechanical upgrades, and install low-flow water fixtures
such as aerators and showerheads. FCP subsequently applied
for-and received-MEEHA funding for other existing properties
in its portfolio.
5. Lakeshore East
CHICAGO, ILLINOIS
Lendlease-headquartered in Barangaroo, New South Wales,
Australia-partnered with local residential developer Magellan
Development Group to put three high-rises on four acres
(1.6 ha) at the nexus of the Chicago River and Lake Michigan.
The first two towers, dubbed Cascade and Cirrus, opened in
2021 and 2022, respectively, the first containing apartments,
the second condominiums. Both received LEED Gold certification,
and both received funds from Lendlease's green bond. In
addition, the project is part of a joint venture fund with Aware
Super, a superannuation fund headquartered in Sydney, New
South Wales, Australia, which requires that assets be net neutrally
operating across Scopes 1 and 2 emissions.
Designed by the local office of bKL Architecture, the buildings
reduce the heat island effect with green roofs growing
flowers and vegetables. The development includes Cascade
Park, which provides public open space and native landscaping.
With a high-performance building envelope, regenerative drive
elevators, high-efficiency LED lighting technology, and energy-efficient
temperature controls, both buildings are designed
to achieve a 38 percent reduction in energy use compared to
conventional counterparts.
6. Penn 2
NEW YORK CITY, NEW YORK
Local developer Vornado Realty Trust used a green bond,
issued in 2021, to power its transformation of the 1960s-era
Penn Station complex in Midtown Manhattan. Located directly
above the station, the Penn 2 tower contains 1.8 million square
feet (170,000 sq m) of office space and received $141.3 million
from the green bond. Local firm MdeAS fitted the building
with a new triple-glazed curtain wall, which lets in expansive
daylight and reduces total building energy consumption by six
percent. High levels of thermal insulation allowed downsizing
of the mechanical, electrical, and plumbing systems, enabling
the existing induction units and high-pressure riser to be
replaced with a low-profile fan coil unit.
Vornado's tenant improvement package also offers occupancy
controls, daylight-responsive lighting, receptacle controls,
data closet cooling systems, and smart thermostats.
In total, the renovation resulted in a 28 percent increase in
energy efficiency. Completed at the end of 2023, Penn 2 has
extensive outdoor tenant space, including a rooftop park and
multiple terraces.
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URBAN LAND WINTER 202 4
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V ORNADO REAL T Y TR US T
2024 Winter Issue of Urban Land

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