PACE Equity develops its first new Colorado construction project
It's an 82-unit residential building in Sloan's Lake
PACE Equity, the leading project developer and funder of CPACE (Commercial PACE) projects on a national basis, is funding a new construction multifamily development in the Sloan's Lake section of Denver. The project represents several exciting and major milestones for PACE in Colorado, including:
• First Colorado new construction project
• First project in Denver
• Largest PACE project in Colorado
The project is a new construction multifamily building with 82 micro-units and represents an investment of $16.8 million to the Sloan's Lake area. The PACE portion of the project was approximately $2.8 million, representing 16 percent of the total development. Additionally, working with PACE Equity, the project was able to drive a 56 percent reduction of energy spend over the local code requirements, resulting in a highly sustainable building.
“This project is a major success for all the parties involved,” PACE Equity President Beau Engman said. “Not only is PACE a great tool for the capital stack, but we were able to work together with the extended development team to design a highly sustainable building without driving up construction costs significantly. This is a major milestone for PACE in Colorado. We are a big believer in the CoPACE program put together by the Colorado Energy Office.”
The PACE project sustainable features include a fan coil unit heating and cooling system, a dedicated outdoor air system, domestic hot water, LED lighting and roof mounted solar PV panels. The developers, Leon Cisneros and Courtney McRickard, have a strong commitment to sustainability and engaged PACE Equity to provide project governance, energy engineering and funding.
“Colorado is an exceptional PACE market for both modernizing aging infrastructure and enhancing return of equity in major development projects. We are working with other projects throughout the state – at this time mostly new construction. The Colorado Energy Office has established clear requirements that we can manage to as we work with developers to a closing,” said PACE Equity Colorado Market Leader Lance Somerville.
About PACE Equity
PACE Equity is the leading project developer and funder of CPACE projects. By utilizing PACE Equity’s turnkey approach to PACE projects, building owners and developers across the country work with PACE Equity on renovation, redevelopment and new construction projects. PACE
Equity has a local presence in 15 PACE markets nationally and a $300 million capital facility to fund its projects. For more information on PACE Equity in Colorado, contact Lance Somerville at (303)-968-7047 firstname.lastname@example.org. For information on PACE Equity, please contact
Ethan Elser at (414)-446-3645 email@example.com or visit www.pace-equity.com.
What is PACE?
PACE, which stands for Property Assessed Clean Energy, is a simple and effective way to finance energy efficiency, renewable energy and water conservation upgrades to buildings. PACE can pay for new heating and cooling systems, lighting improvements, solar panels, water pumps, insulation and more. It can be used for almost any property – commercial, industrial, multifamily, non-profit and agricultural properties.
PACE is designed to break down longstanding barriers to energy efficiency as well as create jobs