Stoel Rives Assists with Deal for Attempt at Greenest Building in the World
Victoria Twogood, Business Development Manager, (612) 373-8842
PORTLAND- Expertise at firm makes for smooth negotiations
In a historic small town of nearly 7,000 residents the foundation for the greenest building in the world is underway. Stoel Rives LLP assisted Granada Trust with the financing and closing on Independence Station, a mixed-use building in Independence, Ore. The building will be a high-performance structure, incorporating business offices, retail stores and private condominiums.
Stoel Rives and Granada Trust worked together to produce a construction financing agreement for the 57,000 square-foot Independence Station. The building's developer, Aldeia, LLC will work with its partners to try to create the highest Leadership in Energy and Environmental Design (LEED) score in the world. LEED is the globally recognized green building scoring system coordinated by the United States Green Building Council. A total of 69 points are possible; this project is seeking to reach at least 64 points.
Granada Trust chose Stoel Rives because of the firm's expertise in corporate finance, construction and design, land use, renewable energy and green building.
"Because setting a world record with this landmark building requires such an in-depth understanding of renewable energy systems, I deliberately chose Stoel Rives based on their reputation in this area," said Steven Ribeiro of Aldeia, LLC. "I was even more impressed when I realized just how comprehensive their services were."
This same expertise is showcased in "The Law of Building Green," a free legal guide for developers, architects, engineers and others who are involved in the green building process. The second edition is due out later this year and can be ordered at www.stoel.com/lawofseries.
Gary Barnum, member of the corporate finance and renewable energy practice group, led the Stoel Rives team in closing the $14.5 million deal. Barnum was assisted in the deal by the firm's construction and design practice group and the real estate practice group.
"This deal showcases the firm's expertise in the diverse areas of finance, development and construction, green building, renewable energy, real estate and condominium law," said Barnum. "The various practice groups regularly team up to bring a transaction to a successful closing."
Independence Station will be striving for not just LEED Platinum certification, but the highest LEED point total of any building in the world. The three-story building will be powered by a unique co-generation system fueled by both waste and local farm-raised oils, large thermal storage, geothermal, solar heating and solar photovoltaics with enough high tech batteries to run a submarine. Independence Station will not be dependent on the local power grid, thus providing safety and security for residents, business owners and customers.
The town of Independence is located 15 miles southwest from the Oregon state capital of Salem and an hour drive from Portland and the Pacific Ocean. This project in Independence shows the market demand for green buildings, not only in urban centers, but also in rural areas. "My choice of the town of Independence was easy because of the beauty of the location, the hospitality of the residents, business owners and forward thinking of city officials. Independence will now offer cutting edge green living combined with the charm and safety of living in a small Oregon town," said Ribeiro.
Stoel Rives LLP is a business law firm providing counseling and litigation services to a wide range of clients throughout the United States. The firm has more than 350 attorneys operating out of 11 offices in seven states. Stoel Rives is regarded as a leader in energy, project development and construction, natural resources, environmental, litigation, corporate and intellectual property law. The firm has offices in: Boise, Idaho; Denver, Colo.; Minneapolis, Minn.; Portland, Ore.; Salt Lake City, Utah; San Diego, Calif.; San Francisco, Calif.; Seattle, Wash.; Tahoe City, Calif.; Vancouver, Wash. For more information, visit www.Stoel.com.