Launching in Kimco's Western region, the company plans to invest approximately $8 million over the next year to overhaul lighting systems at more than 100 properties by retrofitting and replacing older bulbs and fixtures with modern and environmentally-friendly technologies, such as LEDs.
The pilot program was initiated at Kimco's 280 Metro Center in Colma, Calif. in which the property experienced a 32 percent reduction in common area energy consumption and improved lighting levels post retrofit. Based upon the cost savings and other benefits, the company plans to expand the Illumi-Nation Program across select properties in California, Oregon, Washington, Arizona, and Colorado over the next year and more broadly across its national portfolio in subsequent years.
While improved energy efficiency is one significant benefit of this new initiative, the planned projects will significantly improve the quality of exterior lighting throughout Kimco's centers.
"Upgrading exterior lighting drives foot traffic to retailers, improves safety, and reduces operating expenses at our properties," said Conor Flynn, President and Chief Operating Officer at Kimco. "The Illumi-Nation program continues Kimco's advancement and commitment to finding sustainable solutions for improving our portfolio."
Kimco has been recognized as a sustainability leader in the commercial real estate industry, recently winning the U.S. Department of Energy's Lighting Energy Efficiency in Parking Award for its Gateway building controls program, which reduced average per-property common area electric consumption by 18 percent. Kimco has implemented numerous other sustainability initiatives in its California shopping centers, including installing eVgo and Tesla Supercharger electric car charging stations, and partnering with Pacific Gas %7E Electric Company to launch a collaborative effort to reduce tenant energy use in its shopping centers.
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