X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Carl Cronan is editor of Real Estate Florida.)

JACKSONVILLE, FL-Regency Centers has turned the valves on an outdoor water conservation initiative at 36 retail properties across the country, installing high-efficiency “smart” irrigation controllers. The majority of systems will be installed at its shopping centers in California, with others being placed in Colorado, Oregon, Arizona and Washington.

“Combined, we anticipate that we’ll save more than 42 million gallons of water per year, which will result in significant cost savings to our company and our tenants,” says Mark Peternell, vice president of sustainability for Jacksonville-based Regency Centers. He notes that the new irrigation controllers tap local weather data to adjust water amount, timing and duration, thereby reducing over-watering and runoff.

Savings for Regency Centers, which posted 25% higher FFO of $85 million in the third quarter, will be realized not only from reduced water bills but also by avoiding sewer overcharges and landscape replacement, reports Peternell. Depending on the success of the pilot program, he says the systems will be expanded to the rest of the REIT’s 443-property portfolio.

Water conservation is part of Regency Centers’ “greengenuity” initiative to improve environmental performance at existing shopping centers and new developments. The REIT is among 21 companies partnering with the US Department of Energy’s Net-Zero Commercial Building Initiative to advance market adoption of current conservation technologies and show measurable utility savings in their buildings, according to a company release.

Regency Centers’ portfolio totals 59 million square feet of retail in major markets. It has invested more than $3 billion in developing nearly 200 shopping centers since 2000.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.