Lafayette, CO, July 11, 2024—Colorado C-PACE today announced that Inspire Colfax, LLC has received $13.23 million to fund the redevelopment of the historic All Inn hotel in Denver, CO. Originally built in 1959, the building, which is on the National Register of Historic Places, was purchased in 2016 by Brian Toerber who plans to completely renovate the property. To finance the renovation, $6.9 million will be sourced by Colorado C-PACE, $4.2 million from the Denver Urban Renewal Authority via Tax Increment Financing, $1.5 million from the Colorado Clean Energy Fund and $630,000 from the Colorado Historical Foundation.

Toerber said “This historic property has survived ups and downs throughout its 65-year existence and sourcing funding for the renovation was challenging.” He added, “Thanks to our lenders and investment partners we’re able to execute on our vision for the full renovation of this historic hotel.  We’re excited to be restoring and maintaining a bit of East Colfax’s incredible and rich history and support the community, local businesses, musicians and artists that make East Colfax a great place to live and visit.”

PACE Equity, a leading C-PACE lender based in Milwaukee, WI, is providing the financing for components of the renovation that influence energy and water utility costs, including energy efficient windows, high efficiency heat pumps, split-system fan coil units, hydronic unit heaters, a dedicated outdoor air system, new controls, low-flow plumbing fixtures, and LED interior and exterior lighting fixtures.

Beau Engman, President of PACE Equity, said, “Our in-house Engineering Team performed the required energy study which confirms the scope of work and basis for the funding. We worked closely with the owner and the other stakeholders to provide our low-cost, long-term private capital funding for this exciting and impactful project.”

Paul Scharfenberger, Executive Director of the Colorado Clean Energy Fund (CCEF), said, “This project represents a great example of private and public funds coming together to revitalize a historically underserved area and is consistent with CCEF’s mission to promote electrification, energy efficiency, and a sustainably built environment.”

Denver Urban Renewal Authority Executive Director Tracy Huggins summed it up in a recent (September 2023) quote in a Denverite article, “This is a really important project for this section of the [Colfax] corridor in order to help advance a more broad revitalization.”

About Colorado C-PACE

A program of the New Energy Improvement District (NEID), administered by Sustainable Real Estate Solutions, Colorado C-PACE facilitates financing for energy and water efficiency improvements in new and existing commercial buildings, including new heating/cooling systems, lighting, new roofs and windows, insulation, water efficiency, renewable energy and resiliency projects. C-PACE offers long-term financing that covers 100 percent of the project cost and is repaid over a period of up to 25 years. The payments are structured as a regular line item on the property tax bill.  When a property is sold, the C-PACE assessment can stay with the property and transfer to the new owner, who enjoys the ongoing utility cost savings associated with the project. Learn more at copace.com.

About SRS

Sustainable Real Estate Solutions (SRS) partners with state and local governments to administer commercial property assessed clean energy (C-PACE) programs. Founded in 2010 by experienced commercial real estate and energy efficiency professionals, the company’s proprietary technology-enabled Energy Performance Improvement Calculator (EPIC™) tool streamlines the management of the data-intensive C-PACE technical and financial underwriting process. SRS’s Investor Confidence Project-credentialed quality assurance methodology has facilitated over $710 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Newtown, Connecticut.