Winter Issue 2022 - 83

Boston would be, 15 kWh per square foot
(162 kWh per sq m).
To attain zero energy requirements, it is
assumed that this remaining 1.7 kWh per
square foot of power would be bought from
a supplier of renewable energy, and that
the renewable energy can be purchased
for a 6 percent premium over traditional
energy. If this premium is capitalized,
it reduces the value of the building by
roughly 30 cents per square foot ($3.23 per
sq m).
While these measures are expected
to increase construction costs by about 5
percent (excluding land and soft costs),
roughly 70 percent of these cost increases
should pay for themselves in the form of
higher rents obtained from the reduction
in operating expenses. (To standardize for
new construction, the lighting and plug
load benefits were not included in this
number). In the short term, developers may
need to add expense caps to their leases
that effectively guarantee the savings on
operating expenses.
Figures 1 and 2 show the contribution of
each strategy to reduction of the building's
annual energy consumption. The largest
ROI is achieved by adding efficient lighting
and plug-load technologies, the solar chimney,
and the ground-source heat pump. The
ETFE pillows on the northeast and northwest
facades, the building geometry, and
the atrium and skylights also contribute to
savings in artificial lighting and to greater
building efficiency, although to a lesser
degree. The solar PV system, since it is tied
to the slanted roof, significantly reduces
operating expenses, but has a negative ROI
due to the loss of buildable area.
In the long term, as these systems
become more prevalent and more corporations
sign on to net-zero-carbon pledges,
these green premiums may exceed the
reduction in operating expenses. Nonetheless,
as cities and commercial tenants seek
more sustainable real estate solutions, it
is important for developers to understand
the marginal costs and benefits for each
of the major system upgrades. Lastly, it is
important to stress that this is a proposed
student design and not a built project, so
the performance numbers are all based
on predictions. Nevertheless, the project
demonstrates a framework for analyzing
the financial implications of sustainable
technologies and strategies. UL
ANDREW GIBBS is the managing partner at
Greenbelt & Co. and a graduate of the Master of Design
Studies at the Harvard Graduate School of Design (GSD).
RICHARD PEISER is the Michael D. Spear Professor of
Real Estate Development at the Harvard GSD.
HOLLY SAMUELSON, associate professor of architecture
technology at the Harvard GSD, provided technical
advice for this article. ResilientHub was designed
through the collaboration of Gibbs and four other Harvard
GSD students-Lara Tomholt, Kritika Kharbanda,
Sihui Chen, and Kuan-Ting Chen.
WINTER 2022
URBAN LAND
81

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