Lendlease Annual Report 2022

28 Lendlease Annual Report 2022 1 Java Street, New York Inclusivity, connection and resilience underpin the vision for 1 Java Street. During the height of the COVID pandemic in 2020, an opportunity arose to acquire a land parcel located on the East River at Greenpoint in Brooklyn, New York to create a new residential community. Our conviction in our gateway cities strategy, founded on the premise that the most desirable cities will continue to be the driving force of economic, social and cultural life, saw us look beyond the pandemic induced uncertainty to pursue the opportunity. Drawing on our integrated capability, strong track record and intimate local knowledge, a project team was mobilised to unlock the potential of the 2.6-acre site, and 1 Java Street was born. Lendlease’s global reach and capabilities offer unique insights into the evolution of the built environment. 1 Java Street provides an opportunity for reinvention and renewal. Partnership approach Consistent with our partnership approach and our deep relationships with strategically aligned global investment partners, we teamed up with Aware Super, one of Australia’s largest superannuation funds. They also saw the project's potential, taking an 80 per cent interest. This extends the $2b investment partnership formed in 2018. Beyond our role in developing and constructing the precinct, we will play an integral part in its ongoing curation through our asset management capabilities while also managing Aware Super’s investment. Solving for the future In line with Lendlease’s ambitious sustainability agenda, the project team has designed 1 Java Street to be a highly sustainable precinct, creating an environment that we believe will Beyond our role in developing and constructing the precinct, we will play an integral part in its ongoing curation. benefit the Greenpoint community for generations to come. All-electric, geothermal To minimise carbon emissions, we intend to implement a geothermal system in lieu of traditional gas boiler heating and cooling. The system will use the stabilising temperatures of the land below to provide heat and cooling. In addition, the geothermal system is also expected to reduce ongoing operational costs. When complete, 1 Java Street is anticipated to be one of the largest residential buildings in New York State to use all-electric and geothermal energy. Climate resilient Cities built around water are particularly vulnerable to the impacts of climate change. The project team undertook a climate related risk assessment to address the project’s resilience to such impacts. The findings were incorporated into the design, including raising the building to account for future potential flood risk. Strong social value 1 Java Street will incorporate a diverse range of apartment styles to appeal to a variety of residents. This includes addressing the challenge of affordability, with approximately 30 per cent of the units allocated to affordable housing. Forming partnerships with local not-for- profit organisations is also a priority. Lendlease has partnered with the Billion Oyster Project which aims to restore oyster reefs to New York Harbor through public education initiatives. billionoysterproject.org