SEATTLE, Washington & PORTLAND, Oregon (October 4, 2017) – Green Canopy, Inc., a proven urban infill deep green homebuilder, announced the launch of its newest affiliate company, Cedar.
“Meeting the challenges of global warming and the housing crisis in our high growth cities requires us to develop disruptive, integrated, and inclusive solutions. We are proud to offer a for-profit model for building resilient, inclusive and sustainable net-zero energy micro-communities without reliance on direct government subsidies” says Aaron Fairchild, CEO of Green Canopy.
The Company will acquire, develop, manage and market third-party certified green built, net-zero energy residential homes over the course of a 7-to-10-year period in Seattle, WA and Portland, OR. A minimum of 25% of the homes in every project site will be reserved as affordable rentals to households earning 80% of area median income (AMI) over the life of the Company. A final disposition process will result in selling a minimum of 25% of the remaining portfolio into community land trusts, or similar model, to be held permanently affordable to households earning 80% of area median income.
“Ecotrust is delighted to be a shareholder in Green Canopy, Inc. The Team has been terrific and we look forward to seeing where they take walkable residential infill development in the years to come. Green building, along with regenerative farming and forestry, are promising potential ‘drawdown’ technologies that pull CO2 out of the atmosphere and help reverse the devastating trends of the Anthropocene,” says Spencer Beebe, Founder & Executive Chair of Ecotrust.
Green Canopy's Cedar is poised to act on this opportunity. The urban infill home-building market is a highly fragmented marketplace with hundreds of small, independent homebuilders in both the Seattle and Portland markets. The February 2017 McKinsey Global Institute report, Reinventing Construction: A Route to Higher Productivity, found that “$10 trillion (is) spent on construction-related goods and services every year. But the industry has an intractable productivity problem and ... an opportunity to boost value added by $1.6 trillion.” “Fragmented markets and inefficiency go hand in hand. Our team at Green Canopy has long been aware of these inefficiencies and has spent considerable amount of time developing the processes and systems to contain costs and scale,” says Aaron Fairchild, CEO of Green Canopy. He further adds, “This ability allows us to lean in further to our mission and bring to the market net-zero energy homes alongside affordable home ownership. As a for-profit company, this puts us in a unique position to not only drawdown carbon, but to also lift up our communities.”
Samantha Lamb, of Lake and Company Real Estate sees the company as an innovative leader. “Green Canopy is indisputably one of the leaders in the Green Home movement in Seattle and beyond. It is founded by passionate people who truly want to make a difference in the world. They don't just go for minimal standards in Green Construction; they are actively educating the market and realtors about the benefits of building and buying Green,” says Lamb. As evidence of this, Green Canopy will amplify Cedar’s impact through an 18-member stakeholder group, calling it the Impact Collaborative. The Collaborative will bring greater transparency to Cedar – its processes, best practices and outcomes – then conduct research and broadly promote their findings and advocate for new and better approaches.
About Green Canopy
Green Canopy, Inc. runs a homebuilder, Green Canopy Homes, in Seattle and Portland whose mission is to inspire resource efficiency in residential markets. Green Canopy Homes began building in 2009 and has successfully sold over 125 third-party certified, green homes with over $80 million in gross revenues. Green Canopy Homes has highly developed home designs, project management processes, checklists, and systems of cost containment specific to the challenges and needs of building attractive, resource-efficient, micro-communities in walkable, urban places.
Aaron Fairchild, CEO
Andy Wolverton, CFO