Energy-efficient rentals propped with public cash
Boynton Beach expects to pay out $2 million over 10 years
By Ben Wolford, Sun Sentinel
April 25, 2012
BOYNTON BEACH —
Seabourn Cove, an apartment community nearing
completion, has been an expensive, painstaking effort to build,
involving special windows and lights, car chargers in every garage and a
double ceiling, so air-conditioning ducts never pass through a hot
attic.
"Go to any other construction site, you'll never see that,"
said project manager Rick Lococo, a development partner with Gulfstream
Gardens LLC, as he toured the top floor of an unfinished rental unit
Tuesday.
When it's done, the 456-unit
Seabourn Cove will be the largest sustainable-energy residential
development in the country, developers said.
But the
Tampa-based company wouldn't have bothered if not for an infusion of millions in public money from the
Boynton Beach
Community Redevelopment Agency. An arm of city government, the CRA
agreed to rebate about $2 million over 10 years from the tax revenue the
complex generates.
The project, at 3501 S. Federal Highway, sits
on what was vacant property, city officials said. By mid-July, when the
first residents could move in, Seabourn Cove will be a poster project in
an effort to brand
Boynton Beach as a leader in sustainable energy, developers say.
"The county has looked at our city as a model for other cities," said
Boynton Beach
Commissioner Marlene Ross, who led an effort two years ago to create a
"climate action plan" for the city. At the time, it called for reducing
the city's greenhouse-gas emissions 18 percent by 2035.
Gulfstream
Gardens will pay about $2.7 million up front to outfit Seabourn Cove,
which occupies almost 23 acres, with energy-saving technology.
In March, the CRA agreed to pay 50 percent of new tax revenue generated by the project to Gulfstream Gardens.
If
revenue projections pan out, Gulfstream would get almost $2 million. If
the revenue comes in under, the city still is on the hook only for 50
percent.
Chris Barry, a land planner with West Palm Beach-based
Jon E. Schmidt and Associates, called the incentive a creative way to
spark development because it dodges a big up-front cost to the city.
"It does take a decent amount of the risk out of it," Barry said.
The
builders took much into account, installing extra insulation and
sealing off cracks where heat or cold can escape. The toilets use less
water. And the high-efficiency light bulbs last more than 14 times
longer than traditional incandescents.
"Every light in here is a special type of light bulb," Lococo said. "You can't buy this at Home Depot. This is next generation."
Tenants are signing up faster than they can build the units, Lococo said.
After
all 456 apartments are complete, it will be the largest project loaded
with this much energy efficiency, according to the National Association
of Home Builders.
The rentals, which range from one-bedroom to
three-bedroom units with balconies, go for about $1,100 to $1,700
monthly, Lococo said. But developers estimate residents will save 40
percent on electric bills and 20 to 25 percent on water.