A fresh start for Dallas’s long vacant Corrigan/Petroleum was celebrated Thursday as the now 1900 Pacific Residences was recognized for its energy-saving efforts.
The apartment complex is the second multi-family residence to officially be designated as a LEED-Certified property in downtown.
“I think people are more and more seeing the value in just doing the right thing in being concerned about the environment and protecting our resources,” said developer John Kirtland.
Kirtland said the project cost him about three million dollars more to ensure energy efficiency, but he said it was well worth it.
In addition to a HUD incentive, Kirtland said there is a return on investment for both him over the life of the property and for his tenants.
While the average Dallas resident pays close to $140 each month on utilities, including electricity and water, Kirtland said his average tenant pays just half.
Which is why he is part of a larger initiative to create a district in downtown Dallas that can reduce energy and water usage by half before 2030.
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“One of the challenges our region has is to support that growth with electricity and water. What that does is it reduces strain on the grid,” said Director of Development for Smart Energy 360 Jake Steiner.
Steiner said the 2030 District project aims to educate developers about the huge returns from going green, despite the high initial costs.
“This isn’t about necessarily saving the baby seals. This is more about a financial incentive that if you go after that, it’s good for everybody. You’re looking at people, profit and planet instead of just profit. So that benefit to the people and the planet and to the occupants of our city is good. Less emissions, less energy use is good for all,” said Steiner.
And even as nearly 1,000 new residents flood into Texas each day, he and Kirtland both feel sure they can make that happen.
“It’s becoming more and more common for people to expect it which will encourage developers to deliver it,” said Kirtland.
So far, 34 million square feet have been committed to the Dallas 2030 District.
