Commercial, Energy Efficiency, GHG Emissions, Regulation, Finance - October 4, 2017
PACE helps Alterra revive 100-year-old Dallas building
Dallas-based real estate developer Alterra International has been able to secure $23.9 million in PACE financing to transform the energy efficiency and environmental attributes of a century-old building amid its conversion to a mixed-use development.
The success story is outlined in a new blog post from the Environmental Defense Fund, which said the related upgrades to the Butler Brothers Building as Alterra renovated it into a complex with apartments, hotel rooms and retail space are expected to cut energy use by about 40%. The company is utilizing the Texas PACE Authority's "PACE in a Box" model.
Projects supported by the funding will also reduce annual water use, a unique aspect of the story as Texas is the only state to include water in its PACE programs. EDF's Kate Zerrenner said the state could serve as a model for other states where water resources are a concern.
The state's PACE programs have gained steam in recent years, with many cities and counties approving use of the tool, according to the post. Zerrenner wrote:
As a result, exciting projects are getting off the ground to lower energy and water waste. For example, last year three Simon Property Group malls secured over $3 million in PACE financing for energy and water-saving retrofits. And Austin's Congregation Beth Israel was able to use PACE to alleviate its skyrocketing energy bills by improving its insulation.
Share this valuable information with your colleagues using the buttons below:
« Back to NewsStay Up-To-Date