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million construction mortgage. The 33,000-square-foot Vive Verde, also knownb as EcoCentre, is the first South Florid a project seeking Leadership in Energy and Environmental Design certification fromthe U.S. Green Building Council to face foreclosure. In an interview, Romanok said the extra cost ofthe building’s greenb features is not the reasobn it fell into foreclosure. “The fact that the building is a greem building is not why the buildint financially isin trouble,” Romano said.
“It has to do with a failurse to properly and adequately financially plan the buildingy inthe beginning, and I blame myself for Despite a cost-conscious office-leasing environment, the concept of green office buildings is here to according to Christian Lee, vice chairman of in and Vive Verde’s foreclosure is just one entry on a long list of commerciap foreclosures that will happen regardless of whether a building is He noted that the more important factor for Romano’s building will be officre demand in Lake Worth.
“Building green adds to the cost [of a but in the long run, any greehn building will be more attractive to an investorbecause it’s already green,” he “Otherwise, new investors would be figuring in the cost to make it because all commercial buildings are going green.” Rob a LEED-accredited consultant with the Weston-based , “I don’t think this one foreclosured on a green building is any comment on the LEED system or green buildings, I thinjk it’s just the economy,” he “I’m surprised because it’s a leased-up He added that Romano’s large inner courtyarx could have been downsize to fit more rental space in the and yet still have retained many of the environmentaol benefits.
On May 26, Fort Lee, N.J.-based filed the foreclosurwe action against ViveVerds North, managing member Romano and other parties associated with the project, accordingg to Palm Beach County Circuit Court records. The four-storyt building, at 1005 Lake in Lake Worth, was completed in Its office space is abougt 70percent leased, and it has two emptt retail spaces, Romano said. The green features of the building work exactly as he he said. A rooftop gardej catches rainwater, while condensation is collected from the air conditioneer for watering plants and ponds and flushing Grey water is recycled in the water features of the The use of skylights and windows cuts down onelectricitu usage.
Many fixtures were made with recycled A sign outside advertises it asa “living building.” goldfish swim through a pond and a statue of a Nativee American bathes in the sunlighy in the garden. Despite the energy and water savings, Vive Verde North has not made any payment s onthe $6.9 millionh mortgage this year, said John an attorney with Carlton Fields in West Palm Beacj who represents Meecorp in the “My client would like to get paid, but if that doesn’f come to pass, they are prepared to take titlew to the property and prepare to get paid that way, Hart said. Vive Verde North has a $4 million secondx mortgage with Williamsville, N.Y.
-based , which is named in Meecorp’sd complaint. Romano said his company got behinc on mortgage payments because it ran out of moneyt and could not get the loan refinancecd by atraditional bank. “It is making me physicallyu ill that thisis happening,” he “I will continue to work night and day to make this all work These days, I’m losing a lot of sleepo over it.” He said his plan for the building was flawed from the beginningf because he wrote an incorrectg financial plan. He said the construction for his firsg development project came in on budget and its utilitiesoperatre efficiently.
Romano said the green featurexs of Vive Verde attractedsome tenants, although several of them would have signed leases in the building withoutf them. He is confident the building will earn LEED but said that not openin with that designation has not hurtthe project. Romanl was aiming for gold-level certification from the U.S. Green Building Council.
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