Newark announcing $50M energy conservation initiative in public housing

TRD New York /
Oct.October 28, 2011 06:07 PM
Stephen Crane Village and Newark Mayor Cory Booker

Newark Mayor Cory Booker will announce a $50 million contract between the Newark Housing Authority and Constellation Energy on Monday, to retrofit thousands of apartments with energy efficient heat, electrical and water systems.

The program, one of the largest energy deals involving public housing in the U.S., is expected to create more than $78 million in savings over a 15-year period, officials said.

“We’ve been looking at what other housing authorities have done in the past,” said Newark Housing Authority spokesperson Lauren Hudock. “[Residents] will see reduced energy costs and a better quality of life in general.”

The program calls for retrofitting public housing units with new energy efficient boiler controls, new windows, low-flow toilets, energy efficient lighting and other upgrades. At several sites, Constellation Energy will install co-generation facilities, in which electricity and hot water will be produced using natural gas in a more efficient manner.

The upgrades will impact 7,000 families in 39 separate developments in the city, including Stephen Crane Village, which has 350 units.

A group of lenders is backing the project, including Grant Capital, PNC Bank, Capitol One and Susquehanna Bank.
In 2010, the city of Minneapolis launched a similar plan to upgrade its housing stock, through a partnership with Honeywell.
The Newark project is expected to be completed by fall 2013.

Constellation Energy officials were not immediately available for comment.


Related Articles

arrow_forward_ios
Treasury Department watchdog is investigating the Opportunity Zone program (Credit: iStock)

Opportunity Zone investigation won’t derail developer investment, experts say

Opportunity Zone investigation won’t derail developer investment, experts say
In and around Newark’s Ironbound, projects proliferate

In and around Newark’s Ironbound, projects proliferate

In and around Newark’s Ironbound, projects proliferate
From left: The Blau and Berg Company's Karine Blanc, TD and Partners' Nana Duncan and Lemor Development Group's Kenneth Morrison (Credit: Blauberg, TD+Partners and Lemor)

Black developers say partnerships aren’t always equal

Black developers say partnerships aren’t always equal
Concept plans for 'The Halo' at 289-301 Washington Street and Meridian Capital Investment's David Schechtman - provided by Meridian Capital Investments/ Minno Wasko

Developer seeks $40M for Opportunity Zone site in downtown Newark

Developer seeks $40M for Opportunity Zone site in downtown Newark
Clockwise from the upper left: Advance, Greek break ground at logistics center in Linden, home designed by Frank Lloyd Wright in Glen Ridge back on the market, Prism Capital pens Woodbridge site acquisition, Lone Star Funds offloads Montvale office

American Dream in East Rutherford finds a sponsor, Frank Lloyd Wright-designed home lists in Glen Ridge & more North Jersey real estate news

American Dream in East Rutherford finds a sponsor, Frank Lloyd Wright-designed home lists in Glen Ridge & more North Jersey real estate news
Joy Construction's Eli Weiss (top) and Maddd Equities' Jorge Madruga with 765 Broad Street in Newark (Credit: Google Maps and Getty Images)

Joy Construction, Maddd Equities land $34M loan for Newark building

Joy Construction, Maddd Equities land $34M loan for Newark building
From Left to Right: Whole Foods pens leases at Harborside, Englewood luxury rental complex hits the market, Prism retains architect at ON3, JMF breaks ground at Glen Ridge

Mack-Cali brings Whole Foods regional HQ to Jersey City, $85M Englewood apartment complex for sale & more North Jersey real estate news

Mack-Cali brings Whole Foods regional HQ to Jersey City, $85M Englewood apartment complex for sale & more North Jersey real estate news
From left to right: Advance, Greek Development secure financing for Avenel cold storage facility, West Orange acquires Rock Spring Golf Club, Jersey City advances hotel proposal near Liberty State Park, Multi-use North Hoboken redevelopment moves forward.

New Jersey Cheat Sheet: Englewood mansion takes 75% price cut, Rock Spring Golf Club in West Orange sold for $11.1M… & more

New Jersey Cheat Sheet: Englewood mansion takes 75% price cut, Rock Spring Golf Club in West Orange sold for $11.1M… & more
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...