Lafayette, CO—Colorado C-PACE announced today that Ogilvie Properties, a Denver-based commercial real estate investment company, will use more than $2.7 million in C-PACE financing to install energy efficiency measures at their 132,000 SF office building located at 3401 Quebec Street in Denver.
“When it comes to leasing office space in Denver, businesses have many options,” said Stuart Ogilvie, the founder of Ogilvie Properties. “Updating our buildings to make them energy efficient makes sense, since sustainable buildings are more comfortable and therefore more attractive to tenants. I’ve tapped the program five times, and will continue to do so whenever I can. It has saved Ogilvie thousands of dollars in out-of-pocket expense, improved the comfort of our tenants and reduced energy bills.”
Denver-based Integro partnered with Ambient Energy to develop and manage the project for Ogilvie Properties. Built in 1975, the building will be retrofitted with a full array of energy efficiency improvements including new HVAC equipment, boilers, pumps, variable frequency drives, a new building automation system, elevator modernization, water efficient plumbing fixtures, LED lighting, and other high efficiency building system improvements.
“C-PACE is a great program for property owners. It encourages them to use energy efficiency cost savings to help pay for improved building systems,” said Keirstin Beck, a principal with Integro. She added, “The improvements planned for this building will save energy, reduce costs, extend the life of the building, and ensure tenant comfort. It’s a win for everyone involved.”
Linda Morrison, Building Performance Engineering Team Leader at Ambient Energy, said, “Our mission is to inspire better buildings where people thrive—a sentiment that everyone working on this project shares.”
Community Banks of Colorado provided the financing for his project. Ryan Lee of Community Banks said, “C-PACE is a relatively new offering for our bank, but it’s easy to see why it is so popular. Along with the tremendous benefits it offers to building owners it create jobs and provides cleaner air for the community.”
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 Energy Performance Improvement Calculator (EPIC™) 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 $388 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.