Project will improve the building’s energy efficiency by 47 percent
Lafayette, CO—The owner of a five-story commercial building in Lakewood, Colorado, will finance a comprehensive upgrade of the property through the state’s commercial property assessed clean energy (C-PACE) program. The project is projected to improve the building’s energy efficiency by 47 percent.
Denver-based Integro developed the project for the 80,005-square-foot office building, which is located at 3609 South Wadsworth Boulevard. Built in 1983, the building will receive new LED lighting, a chiller plant, fan-powered VAVs, and direct digital controls, and features the first elevator modernization project to receive C-PACE financing in Colorado.
Haynes Mechanical Systems, headquartered in Greenwood Village, Colorado, designed, engineered, and will be installing the improvements. The company will also validate the results, which are estimated to increase the property’s value by $744,788. Rebates, provided by Xcel Energy, will exceed $65,000. Annual energy cost savings are estimated at $54,934.
ANB Bank funded the $2,000,000 investment. It is the fourth C-PACE project for the regional bank, which has locations in Colorado, Wyoming, and the Kansas City metro area.
“C-PACE is an amazing opportunity for commercial property owners, because it gives them powerful financial incentives for completing capital-intensive energy improvements,” said Keirstin Beck, a principal with Integro. “Through the program, building owners can effectively reallocate dollars already being spent on energy costs, and instead put them back into their asset.”
“This is the fourth C-PACE project for ANB, and we hope to finance many more,” said Sean Ribble, a vice president at ANB Bank. “As a community bank, we’re thrilled to be helping commercial property owners—our customers—improve their assets, and we’re just as thrilled that we’re helping to create local jobs and reduce greenhouse gas emissions in the community.”
“We take pride in collaborating with customers in the successful long-term operation of their buildings,” said Ed Lawlor, CEM, LEED AP, an account executive at Haynes Mechanical Systems. “The upgrades to this property will ensure that the building utilizes state-of-the-art technologies and maintains comfort for the tenants for many years. It will also save energy, reduce operating costs, and extend the life of the building.”
“As a commercial property owner, tenant comfort is a key concern, so keeping the building’s systems running properly is extremely important,” said Patrick Ayau with Amherst Capital Partners Colorado, the property’s owner. “The Colorado C-PACE program, in conjunction with principals of Integro, ANB Bank, and our vendors, allowed us to holistically improve outdated building systems to provide energy savings for our tenants while positioning the asset for future mandated energy compliance. We are considering employing these strategies across our portfolio to insure long-term value and, most importantly, tenant satisfaction while reducing operating costs.”
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 improvements, including new heating/cooling systems, lighting, water pumps, insulation, and renewable energy projects for commercial properties. C-PACE offers long-term financing that covers 100 percent of the project cost and is repaid over a period of up to 20 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. Visit copace.com for more information.
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 PACEworx™ Platform 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 more than $140 million in C-PACE financing nationwide—a level unmatched in the industry. SRS empowers C-PACE public-private partnerships across the country, including programs in California, Colorado, Connecticut, Ohio, Oregon, Rhode Island, Utah, and Virginia. The company is based in Trumbull, Connecticut.