Kimco Realty – Linus Ik-Pyo Hong – 2013

Goals

Linus Ik-Pyo Hong joined Kimco’s Sustainability Team to help identify what types of energy retrofits are currently feasible in building interiors versus common areas.

Solutions

Hong reviewed lease documents from different tenant segments and summarized ownership of building interior systems and other key features. He also created a multi-year financial model for Westlake Shopping Center, incorporating costs, energy savings, financing considerations and other cost recovery factors.

Potential Impact

Both the lease abstraction and financial model could be incorporated into Kimco’s energy efficiency initiatives across its portfolio of more than 800 retail properties. Kimco launched its first-of-its-kind collaboration with a local major utility partner to drive greater energy efficiency at Westlake Shopping Center, Daly City, CA. Being one of Kimco’s largest shopping centers and home to a diverse mix of retailers, the site was chosen as a test bed for how landlords can approach total energy efficiency activities in tenants’ space which has traditionally been outside of landlords’ domain.