Lafayette, CO—Colorado C-PACE announced today that Colorado Outdoors closed funding under the program for a second time to finance construction of two new office, showroom, and warehouse facilities. The 55,000 sq. ft. project will be located at 1305 and 1325 Mayfly Drive in Montrose, Colorado.
“Given the intersection of our businesses and the desire for environmental stewardship, we are highly motivated to build the greenest buildings possible,” said David Dragoo, founder of Colorado Outdoors. “C-PACE provides powerful financial incentives to do just that.”
A mixed-use development, Colorado Outdoors will include new homes, apartments, businesses, and recreational amenities. According to Anderson Analytics, the project is anticipated to have over a $200 million impact on the local and regional economy.
Colorado Outdoors contracted with Shaw Construction to construct the new facility. Sam Meyer, President, said, “It was a pleasure to work with David’s stellar team to design and build energy-efficient environmental systems for this facility. Top-notch design was the guiding principle from start to finish.” The building design was completed by Pinnacle Design, Inc., out of Phoenix, Arizona.
Greenworks Lending, a national provider of C-PACE financing, funded the nearly $1 million amount for this project. “This is our second closing for a new construction project in the CO C-PACE program in the span of about a week,” said Sean Ribble, Director of Business Development with Greenworks Lending. He continued, “We are thrilled to be a part of Colorado’s success in growing their C-PACE program and look forward to many more opportunities coming in 2021.”
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 $410 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.
About Colorado Outdoors
Colorado Outdoors is a 164-acre economic development project along the Uncompahgre River corridor. The project aims to attract outdoor-centric industries to Montrose and will also include river restoration, retail, residential and industrial development. More information on the flex project can be found at ColoradoOutdoors.CO/FLEX.