Green Exchange tenants will benefit from lower occupancy costs as a result of Class L assessment legislation.
Green Exchange, at 2545 W. Diversey Ave. in Chicago, is the countrys largest green business community, committed to sustainability, profit and positive social impact.
Once home to the Vassar Swiss Underwear Company and the Frederick Cooper Lamp Company, the building now has local and national recognition from the Commission on Chicago Landmarks and the National Park Service, respectively. The National Park Service will list the structure on its National Register of Historic Places. Local landmark status entitles the buildings owners, Baum Development, LLC, to pursue the exceptional benefit of a Class L property tax incentive. Baum estimates this will result in a 58 percent savings in real estate property taxes, substantially lowering tenants occupancy costs.
In order to achieve this unique benefit, Baum Development, LLC worked closely with the landmarking agencies to develop a design and construction plan that met all National Park Service guidelines for historic rehabilitation, in addition to investing more than 50 percent of the buildings market value in construction costs.
Green Exchange effectively bridges the architectural heritage of the past to the sustainable technologies of the future. The four-story, 272,000-square-foot concrete loft is being renovated according to LEED (Leadership in Energy and Environmental Design) Platinum standard. When it opens in 2009, Green Exchange will house a complementary tenant mix that provides innovative, sustainable products and services, and will become the natural destination for environmentally-responsible consumers.
Tenants will benefit from lower utility costs due to highly insulated walls and roofs combined with 600 high-performance windows. Green features include a sophisticated HVAC system allowing for individualized control of tenant spaces and increased comfort, a 41,000 gallon cistern irrigating more than 15,000 square feet of vegetated roof and a smart escalator using 30 percent less energy. Additional tenant amenities include an 8,000-square-foot sky garden, bike rooms and showers, environmentally-friendly meeting and event space, priority low-emitting vehicle parking and more.
To date, 13 applications for Class L status have been approved by the Cook County Assessors office, out of 33 applications received since the program started in 1997. Green Exchanges Class L legislation has been passed by City Council and the application will receive final approval when all construction is complete.
The Daily Green's Community News section is a forum for our audience to get the word out about issues that matter to them, enlist support, get help and advice, celebrate successes or share humor. The best submissions are personal (why I started this venture) short and to the point (400 words or so) and written in a style that speaks directly to the audience as peers (not like an ad or press release). E-mail submissions to firstname.lastname@example.org and include "community news" in the subject line. Photos are also welcome, provided the submitter has rights to publish the image. Be sure to include credit and caption information.
Enter your city or zip code to get your local temperature and air quality and find local green food and recycling resources near you.