Based upon achieving 30% savings since the inception of its outdoor water conservation pilot project, Regency Centers (regencycenters.com), a national owner, operator and developer of grocery-anchored and community shopping centers, is expanding its initiative to 54 additional shopping centers.
Online PR News – 16-October-2009 – – Based upon achieving 30% savings since the inception of its outdoor water conservation pilot project, Regency Centers (regencycenters.com), a national owner, operator and developer of grocery-anchored and community shopping centers, is expanding its initiative to 54 additional shopping centers.
In December 2008, Regency Centers selected 36 of its existing shopping centers for a pilot program to install high-efficiency “smart” irrigation controllers aimed at reducing its outdoor water consumption. Now, as a result of the success of the pilot, Regency Centers is installing “smart” irrigation controllers at 54 additional shopping centers in Arizona (3), California (17), Colorado (4), Florida (11), Oregon (1), Texas (17), and Washington (1). Regency plans for the additional 54 properties to be installed by the end of the year.
According to Mark Peternell, the company’s vice president of sustainability, the results of the pilot initiative confirmed that ordinary irrigation controllers result in over-watering. On the other hand, the ‘smart’ irrigation controllers, which adjust the irrigation schedule based on local weather conditions and other parameters, have proven to save water and reduce operating expenses. “Success is determined by a year-over-year decrease in water consumption while maintaining the landscaping to Regency's quality standard. The ‘smart’ systems have met our savings expectations of 30% and resulted in substantially lower water bills, especially at properties with tiered rate structures,” said Peternell.
“We decided to expand the outdoor water conservation initiative to 54 additional properties in 2009 because the ‘smart’ irrigation controllers provide an immediate cost savings and a low initial cost, resulting in a quick payback period of one to three years” stated Peternell. Regency anticipates a savings of more than 96 million gallons of water per year. This will result in a proportional reduction in operating expenses and provide an on-going benefit to the company and its tenants.
Going forward, Regency will incrementally apply the technology into its portfolio as long as the savings continue to accrue, and the overall return on investment continues to make sound financial sense. Shopping centers with high water consumption, high water costs and/or utility rebate programs generally make economic sense.
“We continue to make progress with our water conservation program and other sustainability initiatives” said Peternell. According to Peternell, the company will continue to integrate sustainability practices into its core business and remains committed to the greengenuity™ initiative while serving as an example for sustainable practices in the industry. For more information, contact Peternell at 303.300.5331.
Regency is the leading national owner, operator, and developer of grocery-anchored and community shopping centers. At June 30, 2009, the Company owned 409 retail properties, including those held in co-investment partnerships. Including tenant-owned square footage, the portfolio encompassed 54.7 million square feet located in top markets throughout the United States. Since 2000 Regency has developed 194 shopping centers, including those currently in-process, representing an investment at completion of $3.0 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.