Lafayette, CO—Colorado C-PACE today announced that Unbridled Holdings III, owner of the Hotel St. Cloud, in collaboration with PCD Engineering and Twain Financial, engaged CO C-PACE to finance major energy efficiency improvements to this historic hotel located at 631 Main Street in Canon City, Colorado.
Building upgrades will include new high efficiency windows, doors, plumbing, a new HVAC system, and a lighting retrofit. Stan Bullis, CEO of Unbridled Holdings III, said, “This iconic hotel which dates from 1888 represents a cornerstone of Canon City’s historic district. Built shortly after the city was settled, it ranks as one of Colorado’s oldest buildings. Our extensive renovations will ensure that it will continue to be a vital part of this community for decades to come and furthering our mission to restore people and places.” The Hotel St. Cloud is one of several Main Street buildings being restored by Unbridled. They recently opened a farm-to-table restaurant, Fremont Provisions, and hope in restoring these buildings new economy, new purpose, and new hope will be inspired in the city.
Unbridled Holdings III contracted PCD Engineering to develop and oversee the project’s technical elements required to secure CO C-PACE funding. Jacob Goodman, an engineer with PCD Engineering, said, “It is always gratifying to update a building with such historical significance to its community. The Hotel St. Cloud is irreplaceable, and we’re proud to have participated in the rejuvenation of this beautiful building.”
Twain Financial was engaged by Unbridled Holdings III to provide the $3.2 million C-PACE financing for this project. Zak Boyer, project manager with Twain, said, “We are proud to have partnered with Unbridled Holdings III and PCD Engineering to bring this iconic building into the 21st century. It is fitting that this exceptional project is also the 100th Colorado C-PACE project – a major milestone for the program and for Colorado.”
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™) tool 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 over $500 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Newtown, Connecticut.