Kimco Lighting Retrofits Save Up to 30%
Kimco is in the process of retrofitting all of its upper-end shopping centers with LED lighting, and has so far worked on more than 100 properties, a quarter of its total net asset value. (Above is one of its projects, Melrose Village Plaza in Vista, CA.)
The firm's Will Teichman told REIT.com results have been dramatic, with most properties reporting between 20% and 30% in energy savings, as well as significantly improved lighting quality.
Additionally, as construction activity has picked up, the REIT is putting high priority on setting more defined standards around sustainable construction. As tenants move in and out, Kimco will establish standards that allow them to adopt best practices in using sustainable materials and processes in the construction of their news spaces. [REIT.com]