Richmond, VA, July 18, 2008 --(PR.com
)-- Beaufont Center, which is undergoing a major redevelopment and expansion, will be renamed Spring Rock Green, it was announced today.
The change in identity will be made to reflect the transformation of the center, which is located on a 47 acre parcel adjacent to the Richmond city limits, into a vibrant environmentally friendly and energy efficient retail property.
Announcement of the change to Spring Rock Green was made by Chris Pine, Senior Vice President of Bond Companies and Director of the Bond Companies’ office in Richmond.
Bond Companies is a Chicago based commercial real estate firm which specializes in the development of economically viable, environmentally healthy retail, office and multi-family properties. Bond acquired the center in March and immediately began making improvements to convert and expand the 315,000 square foot site into a vibrant, environmentally sustainable property. Financing for the acquisition was provided through the Bond Companies Sustainability Fund, L.P.
Beaufont Center is located on the northwest quadrant of the intersection of Midlothian Turnpike (U.S. Route 60) and (State Route 150). More than 130,000 vehicles pass through the intersection daily.
“Spring Rock Green is sited at one of the most highly trafficked intersection in the Richmond area. Furthermore, more than 900,000 people in the Richmond MSA can reach Spring Rock Green within 30 minutes,” said Pine.
The conversion of the name to Spring Rock Green, including the introduction of the new identity and change in signage, is scheduled for early fall.
“Spring Rock Green is located at one of the busiest and best intersections in the area and we intend to create a fresh, new atmosphere that will appeal to the Richmond community,” added Pine. “In addition to the new name other initial changes will focus on the fundamentals including modernization of the storefront architecture and upgrading the parking, lighting and landscaping. We also will be concentrating on building in sustainable features including those that are environmentally sound and energy efficient.”
Bond Companies has developed and financed projects in the multi-family, retail, hospitality, office and mixed-use sectors in geographic areas with significant barriers to entry. The company has a distinguished record of accomplishment in transforming properties -- both ground-up construction and the renovation of existing structures -- into communities that offer a new generation of opportunities for those who live, work, study and / or simply visit these centers of attraction.
“The repositioning of Spring Rock will transform the property into a shining example of a development worthy of LEED Certification as designated by the U.S. Green Building Council (USGBC) and becoming the first to attain LEED Silver designation in the Richmond area,” said Robert J. Bond, President of Bond Companies.
Bond Companies, along with The Abraham Group based in Washington D.C., are co-sponsors of the Bond Companies Sustainability Fund, which provided funding for the transaction. The Abraham Group is led by its Chairman and CEO Spencer Abraham, former Secretary of the U.S. Department of Energy. Bond, in partnership with The Abraham Group, will acquire and reposition other properties using sustainable techniques.
Sustainable or “green” buildings are regarded as high performance properties. These buildings incorporate design and construction practices that significantly reduce or eliminate the negative impacts that often accompany such development and continue through the life of the property. This includes site planning, safeguarding and use of water resources, energy use and efficiency, material use and conservation and air quality, among others.
The LEED Certification is awarded by the USGBC, a Washington, D.C.-based, nonprofit coalition. The organization promotes design and construction practices that reduce the negative environmental impacts of buildings and thus improve occupant health and well-being. In the United States and in a number of other countries around the world, LEED certification is the recognized standard for measuring building sustainability.
The LEED "green" building rating system offers four certification levels for new construction -- Certified, Silver, Gold and Platinum – that correspond to the number of credits accrued in five green design categories: sustainable sites, water efficiency, energy and atmosphere, materials and resources and indoor environmental quality.
Bond Companies, with offices in Chicago, Los Angeles and Richmond, Va. has been developing and financing award winning, economically sound, mixed-used environments and retail projects since 1987. The Company has a distinguished record of accomplishment in transforming properties -- be they ground-up construction or the renovation of existing structures -- into vibrant new communities offering a new generation of opportunities for those who live, work, study and / or simply visit these new centers of attraction. Bond Companies applies its innovative vision to integrate the differing demands of multi-family residences with retail stores and offices along with hospitality and accommodation facilities. All is done with the utmost concern for creating energy efficient, environmentally sustainable properties.