C-PACE Program Versatility Drives Growth in Colorado
“Colorado is proving a very active market for Greenworks Lending,” declared Genevieve Sherman, head of new markets and partnerships. “We’ve financed eight projects in the state this year and taken as a whole, they demonstrate the versatility of C-PACE in Colorado relative to property type, project type, location and stage of development.”
The city of Aurora, located just east of Denver has been home to four deals, including a residential care facility, Shalom Park.
Marc Penner, president and CEO of Shalom Park stated that, “working with Greenworks through the C-PACE program made it possible for us to upgrade our facility affordably.”
Shalom Park, is a nonprofit that operates a 120,000+ square foot facility. The C-PACE financed energy saving retrofit deploys measures including new LED lighting, HVAC and building controls. The $1.9 million investment financed over 20 years will improve the buildings energy efficiency by an estimated 34% and result in positive cash flow at the onset.
Such projects create an economic stimulus to business centers, which is why the Aurora Economic Development Council reached a partnership with Greenworks to promote the Colorado C-PACE program.
“We appreciate Greenworks Lending’s nationwide leadership in the implementation of this important program. C-PACE is a win-win for commercial building owners that helps achieve sustainability and environmental goals while also delivering a pragmatic option for utility savings and building improvements,” says Yuriy Gorlov, Vice President at the Aurora Economic Development Council.
Taking a wider view, Greenworks Lending’s financing in the Denver region has totaled nearly $4.9 million between seven properties in the last 10 months.
Approximately a four and a half hour drive west of Denver on the “Western Slope,” Greenworks Lending is supporting a new development in Montrose: The Colorado Outdoor Project’s Mayfly Outdoors corporate headquarters and manufacturing facility. The Mayfly headquarters, which received $1M in C-PACE financing, is the first building to rise on what amounts to a 160 acre commercial and recreational park. The overall project will include retail, residential and multiple other commercial manufacturers, with more than 42 of its acres being allocated to parkland and ecological redevelopment. The headquarters building itself will feature numerous energy efficiency design elements.
“C-PACE puts a value energy on efficient design and materials, which I think are otherwise add-ons to many construction projects,” stated David Dragoo, president of Mayfly Outdoors. “With C-PACE, they can become integrated into the project,” he concluded.
As the Colorado program grows and awareness is raised, a benefit beyond energy savings is expected.
Sandy Head, executive director of the Montrose Economic Development Corporation stated, “When Montrose County opted into the program they created a huge economic development tool for the county overall. In Colorado, C-PACE can come into a project whether it’s a remodel or new construction – that’s a major factor here in the Colorado Outdoor Project commercial park where everything is going to be new construction.”