PACE Equity Develops & Funds First New Construction PACE Project in Colorado
PACE Equity, the leading project developer and funder of CPACE (Commercial PACE) projects on a national basis, announces the PACE funding a new construction multi-family development in the Sloans Lake section of Denver. The project represents several exciting & major milestones for PACE in Colorado, including:
- First Colorado New Construction Project
- First Project in Denver
- Largest PACE project in Colorado
New construction multifamily building with 82 micro-units in Sloans Lake section of Denver, CO funded in part by PACE Equity is the first PACE project in Denver and the largest in Colorado.
The project is a new construction multifamily building with 82 micro-units. The project represents an investment of $16,800,000 to the Sloans Lake area. The PACE portion of the project was approximately $2,800,000, representing 16% of the total development. Additionally, working with PACE Equity, the project was able to drive a 56.1% 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,” said Beau Engman, PACE Equity Founder & President. “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 and thank them for their efforts on this project.”
The PACE project & sustainable features include a fan coil unit heating & 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 on sustainability and are excited to be leaders in this new & innovative space. They were dedicated to assisting with bringing PACE to Denver and completing the first project. The developers engaged PACE Equity to provide project governance, energy engineering and funding.
“PACE Equity is developing an expertise in leveraging PACE for new construction. We have now completed new construction projects in 3 states and have several more being developed now,” commented Engman.
“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 Lance Somerville, PACE Equity Colorado Market Leader.
New construction multifamily building with 82 micro-units in Sloans Lake section of Denver, CO funded in part by PACE Equity.
Click here to read our case study about this Colorado project.