|
Urban Land.- Reinventing Real Estate
<br />E*`age 4 of 5
<br />Wh�en the market recovers, it will be accompanied by a new paradigm of h�ouiseh�olds and tenant valuies.
<br />While a core of starter and move-uip families remains, it will be flanked by two ends of the demograph�ic
<br />spectrum:
<br />• n�ew gear eration�-Y buiyers an renters who wanr t the vibe, h�ipn�ess, an uiality of life thiat accompanies
<br />uirbanr cen�ter an first-rin�g suibuirb locations or n�ew uirbanr ist centers; an�d
<br />• empty resters who n�ow wanr t to move back closer to the center of activity, cuiltuire, an education.
<br />Value will rot be measuired in s urre feet, bust in the n�uimber an�d range of activities accessible by foot withh
<br />five min�uites of one 11 s front door., Thee WalkScore phenomenon-with calcuilation�s available at
<br />www.,walkscore.,com-surd its increasing role in real estate listings is evidence of this new calcuiluis of valuie.
<br />New programs such as the U.S., Department of Houisin�g an�d Urban Developmen�t"s (HUD) tripartite
<br />Sustainable Communities Initiative are a radical approach by the federal govern�men�t to promote
<br />collaboration among agencies an�d integrate into a holistic view formerly competing an�d destruictive policies
<br />affecting transportation, lan uise, and the environment. Thee resuilt will focuis policy, in�tellectuial power, an�d
<br />fum s on making commuin�ities places where the whole is greater than the suim of its parts.
<br />At the same time thiat policies are ch�an�gin�g to suipport more responsible forms of development, government
<br />agencies are pulttin�g real money where thI eir moulthI s are. In some progressive corners of thI e couln�try, thI ese
<br />agencies are goin�g beyond juist drafting policies in the Dopes thiat the market will fall in line with their
<br />thinking. Instead they are brin�gin�g real, at-risk dollars to the table to Delp level the playing field between
<br />complex uirban settings an�d path-of- least - resistance exuirban sites.
<br />California's s Strategic Growth plan dedicates over $11 billion of its $,2.,5 billion buidget to in�fill in�frastruictuire an�d
<br />transit- oriented development. These monies are available to both nonprofit an�d for-profit developers to Delp
<br />balance the costs of complicated core development versuis green�field sprawl., Thee Bay Area's s I etropolitan�
<br />Transportation Commission is offering $311 million in climate innovation aunt's for planning scalable
<br />tran�sportation� projects thiat cans redulce green�h�oulse gas emission�s in thie regioni. And at thie Urban Land
<br />I n�stituite 11 s annuial Fall I eetin�g, thI e UILI Responsible Property Investing Couin�cil touired a n�uimber of
<br />innovative projects uin derway or completed ins Wash�in�gton�, .,C.,"s core., With thI e mayor's office providinag a
<br />range of tools-in�clui din�g creative capital struictuire and matching predevelopmen�t fuin�din�g-developers are able
<br />to offset thI e increased costs and risks associated with responsible uirbann development.
<br />Gireen� certifications uin�der thI e Leadership ins Energy and Environmental Design (ILEE ) program progressed
<br />at a rate of nearly 11 millions sq�uiare feet (93,000 sq m) per day last year-an ins icator that greens buiildin�g is
<br />gain�in�g increased traction ins thI e market., New tools such as thI e LEE for Existing Bmildin�gs Voluime
<br />Program-simplifying certification of muiltiple buiildin�gs by an organnization -also are h�elpin�g portfolio mannagers
<br />improve existing buiildin�g stock ins greater n�uimbers th�an� ever before.
<br />TIAA-CREF, as thI e owner of 43 millions s mare feet (4 million sq m) of office buiildin�gs, as well as a large
<br />portfolio of othI er commercial and multifamily real estate assets, is one of America's s largest instituitionnal real
<br />estate investors. Ins 2007, thI e companny"s Global Real Estate grouip created a dedicated uin�it called Strategic
<br />Initiatives charge d with implemen�tin�g greens strategies across thI e companny"s entire real estate portfolio.
<br />Since 2002, th�e firm has been any Environmental Protection Agency (EPA) Energy Star Partner, and was
<br />recognized by EPA ins 2003 for manndating that its entire office portfolio be bench�marked through thI is
<br />program.
<br />In conjuin�ction with these efforts, an�d in response to growin�g eman among its clients for investments with
<br />environmental /social /governance initiatives, TIAA also formed a dedicated Socially Responsible Investment
<br />team in 2006, with separate corporate social real estate (CSRE) an�d new $,50 million green buiildin�g
<br />technology partnership (CETP) ven�tuire capital investment programs, manage d by Cherie San�tos-Wmest,
<br />director of global social an�d commuin�ity investments. Thee CSRE portfolio strategy can be characterize d as a
<br />triple - bottom -line strategy, in which portfolio investments endeavor to produice risk-adjuisted market-rate
<br />retuirn�s; measuirable social impact, in�clui din jobs, income, and commuin�ity revitalization for low-income
<br />residents; and environmentally sulstain�able con�strulction and practices across portfolio investments.
<br />Thee dedicated CSRE strategy now totals over $,51�2 million in commitments. TIAK s history of socially
<br />responsible real estate investment began in 11985 with a primary focuis on affordable h�ouisin�g., "'Back then,
<br />http://license.icopyright.net/user/viewFreeUse.act?fuid=MTM4NzgOMTU�/�3D 09/14/201 1
<br />
|