Almost all real estate transactions across the country include concepts and deal points related to green and sustainable development.
Green development includes: (1) Leasing (building or retrofitting LEED-certified buildings) (2) Local Entitlements & Incentives (towards more infill development)(3) Project development (integrating multimodal facilities (bike, pedestrian, or public transit) into planned developments) (4) Environmental compliance (redeveloping brownfields; mitigating environmental impacts) (5) Sharing Uses with Renewable Energy (rooftop or parking lot solar, agricultural windfarms).
Green issues have the potential to impact just about every aspect of a project, including site selection and due diligence, financing, tax and other financial incentives, entitlements, design, construction, tenant build-out, leasing, maintenance and operations, statutory and other compliance, third-party sustainability certification, insurance, renewable energy and carbon credits, etc. As a result, the scope of this group is intentionally broad to cover the way in which green and sustainable issues arise in a variety of types of deals.
These changing standards make it increasingly critical that attorneys who advise clients on their real estate transactions are well-informed on how green elements can impact project development, best practices but also the potential problems and pitfalls.