News & Events

TORONTO ATMOSPHERIC FUND AND TRIDEL TO BUILD ENERGY EFFICIENT CONDOS WITH INNOVATIVE GREEN FINANCING

Tridel’s New Verve Community had been Registered to Pursue LEED-Canada Certification

Toronto, Ontario (June 7, 2005)... Today, environmental conservation is an issue that concerns everyone, and as Canada’s largest condominium developer, Tridel is taking the initiative to new levels in the condominium development industry. At a press conference on Tuesday June 7, 2005, Tridel was joined by the Toronto Atmospheric Fund, to launch a new concept in energy efficient and environmentally friendly condominium development in the City of Toronto. The concept is being presented at Verve, a new community in the Sherbourne and Wellesley area, which is also registered with the Canada Green Building Council to pursue certification under the LEED rating system. Verve will be one of Canada’s largest certified "green" residential buildings, and will be recognized by Natural Resources Canada for outperforming the energy code requirements for condominiums by more than 25%. The community is also expected to reduce greenhouse gas emissions by 944 tonnes per year (roughly two tonnes per suite) compared to a typical building of similar size designed to meet code requirements.

LEED, which stands for Leadership in Energy and Environmental Design, is administered by the Canada Green Building Council (www.cagbc.org) and provides a four-tier ranking of a building’s environmental performance, starting with basic certification, and then silver, gold and platinum ratings. Buildings can accumulate credits in six categories related to environmental impacts: land use and site development; water efficiency; energy performance and emissions reductions; efficient use and/or re-use of products, materials and resources; indoor environmental quality; and overall environmental innovation. Achieving certification requires special attention to various details about a building’s performance in each of these categories.

LEED buildings offer many clear advantages to their owners or occupants. The focus on energy performance results in significantly lower operating costs, while residents also benefit from improved indoor air quality and exposure to natural light. LEED offers a number of credits for the use of products, like carpets, paints, adhesives and sealants that contain fewer volatile organic compounds that can contaminate the indoor environment.

In order to keep green condominiums affordable for purchasers, Tridel teamed with the Toronto Atmospheric Fund (TAF) to develop a "green loan" program. A green loan is an innovative financial instrument that leverages the projected operating cost savings of an energy efficient building to increase the investment in equipment and material. The investment made at Verve will be paid back by the Condominium Corporation over approximately a seven-year period, with some of the funds that would otherwise have been spent on higher gas and electricity bills in a condominium building designed only to meet Code requirements. Once the loan is re-paid, the full operating cost savings will accrue to condo owners and residents.

Toronto Atmospheric Fund

TAF was created by Toronto City Council in 1991 with a mandate to finance projects that reduce greenhouse gas emissions and improve air quality in Toronto. TAF was provided with an endowment of $23-million to allow it to meet its mandate. Past projects include the wind turbine located on Toronto’s waterfront, energy efficiency upgrades to City-owned buildings and energy efficiency “green-ups” of over 12,000 homes. The “green loan” to Tridel marks the first time TAF has established a relationship with a private sector partner.

Builder Known for Quality

Tridel is Canada’s leading developer and builder of condominium residences with more than 70 years of homebuilding experience. To date the Tridel Group of Companies is responsible for producing over 66,500 homes, and continues to lead the industry in innovation, technology and design. Tridel is determined to develop condominium communities that meet the needs of today’s homeowners while safeguarding the wellbeing of future generations. The company is working to meet this goal by focusing on environmentally sustainable building design, performance in construction and corporate stewardship. Tridel is also a member of the Canada Green Building Council. In recognition of Tridel’s outstanding service to its homeowners, Tridel has also been awarded the coveted Customer Service High-Rise Builder of the Year Award by Tarion Warranty Corporation, and High-Rise Home Builder of the Year by the Greater Toronto Home Builders’ Association.