Lafayette, CO—Colorado C-PACE today announced that real estate development firm Cypress 16 will use the Colorado C-PACE program to incorporate multiple energy-efficiency design features into its new 78,917 sq. ft. Residence Inn by Marriott®. The 110-room, four-story facility will be located at 1480 Pine Grove Road in Steamboat Springs, Colorado. This is the first C-PACE financed project located in Routt County.
Colorado New Energy Improvement District Chairman Andrew Sand said of the project: “It’s great, to not only have Routt County participating, but to now have a project there demonstrating the real benefits of the C-PACE program. The program is designed to help building owners and developers in our rural communities get access to low-cost, long-term financing for energy improvements. This is hopefully just the beginning of more projects to come in Routt County.”
Denver-based Cypress 16, which specializes in the development of hotels, office, and mixed-use projects, is the project developer. Gary Roffe of Cypress 16 said, “We are excited about our first C-PACE project in Colorado.” He added, “Staying within budget on a project often means scaling back on state-of-the-art, energy-efficient systems and measures. With C-PACE financing, we maximized energy efficiency during the design process. The result is an efficient, high-performing building that has increased asset value.”
MCP Group with offices in Steamboat Springs, Colorado is providing Construction Management Services for the new Residence Inn. Bill Sims of MCP Group said, “We are happy to have assisted Cypress 16 in the development and construction of an energy efficient, quality asset that will deliver low operating costs for years to come.”
Adam Alspach, Vice President of Alpine Bank, who provided the $2.4 million C-PACE financing for the project, said, “Alpine Bank, as a community bank and the only U.S. bank to earn strict global certification for its environmental management, is committed to investing in Colorado’s sustainable environmental future, and believes that each of us can make a difference protecting the natural environment that makes Colorado so special. Colorado C-PACE provides the motivation for property owners and developers to reduce their carbon footprint, and we are thrilled to participate in such a forward-thinking program.”
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 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.
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 $175 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.