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tweetLafayette, CO—Colorado C-PACE today announced that LCP Development, LLC, a Denver-based retail development expert, will use C-PACE financing in the rehabilitation and construction of a major new shopping plaza in Edgewater, CO.
Greenwood Village-based Integro provided LCP with C-PACE project development and consulting services in collaboration with Group14 Engineering, PBC, which provided the technical support and analysis necessary to qualify the project for C-PACE financing, and Twain Financial Partners, who provided the capital. The C-PACE financing will significantly reduce LCP’s equity contribution and lower the project’s weighted average cost of capital.
The site, formerly occupied by a King Soopers store, will be used to construct a new 76,207 sq. ft. facility that will include a Food Hall for food truck vendors, a brewery, a bar, and central seating. In addition, the building will host restaurants, a coffee shop, several retail shops, a liquor store, a natural pet food store, and other users providing custom foods or beverages.
Gail Quan, CFO of LCP Development which will own and operate the Edgewater Public Market said, “The $1.4 million in C-PACE financing provided the incentive we needed to construct a very energy efficient and comfortable building for our tenants and their customers.”
Keirstin Beck, founder and principal of Integro, said, “As specialists developing high efficiency buildings, we like to combine C-PACE financing with other unknown and under-utilized incentives that make green buildings a very compelling proposition, not only for the environment but for the owner’s bottom line.” She added, “This is our ninth C-PACE project with more to come in our robust pipeline of new or renovated green buildings.”
Sue Reilly, owner of Group14 Engineering, PBC said, “Group14 supported LCP Development, LLC through Xcel’s Energy Design Assistance program on Edgewater Public Market to arrive at an energy-efficient design that will save energy, reduce operating costs and meet the energy performance requirements of C-PACE financing. Predicted energy savings are over $100,000 annually.”
Financing for the project was provided by Twain Financial Partners, an investment management firm located in St. Louis, MO. Andrew Meyer of Twain said, “While we are active in C-PACE financing nationwide, we have found Colorado’s program to be a great source of well-designed and financially attractive projects for our customers. We have financed several projects to date in Colorado and have several more in our pipeline. The unique benefits of C-PACE financing truly offer a great investment solution for our clients, and we are excited about the Colorado market.”
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 in new and existing commercial buildings, including new heating/cooling systems, lighting, water pumps, insulation, and renewable energy projects. 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.
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 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 $150 million in C-PACE financing nationwide—a level unmatched in the industry. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.