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million construction mortgage. The 33,000-square-foort Vive Verde, also known as EcoCentre, is the firsy South Florida project seeking Leadership in Energ and EnvironmentalDesign (LEED) certification from the U.S. Greej Building Council to face Inan interview, Romanlo said the extra cost of the building’s green features is not the reasomn it fell into foreclosure. “The fact that the buildingg is a green building is not why the buildin g financially isin trouble,” Romano said.
“Ig has to do with a failure to properlt and adequately financially plan the building in the and I blame myself for Despitea cost-conscious office-leasing environment, the concept of greenn office buildings is here to stay, according to Christian Lee, vice chairman of in Miami, and Vive Verde’s foreclosure is just one entry on a long list of commerciapl foreclosures that will happen regardlesds of whether a building is green.
He noted that the more importany factorfor Romano’s building will be office demand in Lake “Building green adds to the cost [of a but in the long run, any green building will be more attractivd to an investor because it’s already he said. “Otherwise, new investors would be figuring in the cost to make it because all commercial buildings aregoing green.” Rob Hink, a LEED-accreditedx consultant with the Weston-based , agrees. “I don’yt think this one foreclosure on a green buildinfg is any comment on the LEED systemm orgreen buildings, I think it’s just the he said. “I’m surprised because it’s a leased-up building.
” He added that Romano’s large inner courtyardr could have been downsized to fit more rental space inthe building, and yet still have retained many of the environmentaol benefits. On May 26, Fort Lee, N.J.-based filedx the foreclosure action against ViveVerde North, managingh member Romano and other partiesz associated with the project, according to Palm Beachb County Circuit Court records. The four-story at 1005 Lake Ave., in Lake Worth, was completedc in August. Its office space is abou 70 percent leased, and it has two emptty retail spaces, Romano said. The green features of the building work exactly ashe hoped, he said.
A rooftop garden catchews rainwater, while condensation is collected from the air conditioner for wateringy plants and ponds andflushinbg toilets. Grey water is recycled in the watee features ofthe atrium. The use of skylights and windowse cuts down onelectricity usage. Many fixtureds were made with recycled materials. A sign outsids advertises it asa “living building.” Inside, goldfisjh swim through a pond and a statue of a Nativ e American bathes in the sunlight in the Despite the energy and water Vive Verde North has not made any paymentsa on the $6.
9 million mortgage this year, said John an attorney with Carlton Fields in West Palm Beach who representsw Meecorp in the lawsuit. “My client would like to get but ifthat doesn’ty come to pass, they are prepared to take title to the propertty and prepare to get paid that way, Hart said. Vive Verde North has a $4 millioh second mortgage with Williamsville, N.Y.-based , which is namee in Meecorp’s complaint. Romano said his compant got behind on mortgage paymentd because it ran out of money and could not get the loan refinanced by atraditional bank. “It is making me physically ill that this is he said.
“I will continu to work night and day to make this all work These days, I’m losing a lot of sleep over He said his plan for the building was flawed from the beginning because he wrote an incorrect financiapl plan. He said the construction for his firs t development project came in on budgetf and its utilitiesoperate efficiently. Romanp said the green features of Vive Verde attractedsome tenants, although several of them would have signec leases in the building withoutg them. He is confident the building will earn LEED but said that not openingh with that designation has not hurtthe project. Romanpo was aiming for gold-levekl certification from the U.S. Green Building Council.
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