Source: City of St. Louis
Started in the summer of 2013, Set the PACE St. Louis is a part of the City’s award-winning sustainability plan.
This week, the City of St. Louis closed one of the largest Property Assessed Clean Energy (PACE) projects nationwide with the recent financing of the Missouri Theatre building at 634 N. Grand in the Grand Center Arts District in Midtown St. Louis. Set the PACE St. Louis, the City’s clean-energy financing program, will help the developer, Lawrence Group, install comprehensive energy efficiency measures as part of the overall $65 million mixed-use development. The project will include the 146-room boutique Angad Arts Hotel, a full-service restaurant, two 3,000-square-foot banquet rooms and separate meeting facilities, and a 150-vehicle parking lot.
“We are excited for Set the PACE St. Louis to play a significant role in the development and energy savings of an important and iconic structure in the Grand Center Arts District,” said Otis Williams, secretary of the City of St. Louis Clean Energy Development Board (CEDB), which provides oversight for the program. “This project will achieve millions in savings and create more than 1,200 well-paid, local construction jobs in addition to creating 170 ongoing jobs in the hospitality sector.”
The PACE-financed portion of the Missouri Theatre redevelopment is expected to achieve $659,527 in total cost savings in the first year through savings on energy and maintenance and operations expenses. Energy improvements include: insulation, windows, LED lighting, high efficiency heating and cooling, and building envelope measures. Total savings over the entire 20-year term of financing is expected to be $10,924,304, while eliminating an estimated 66,000 tons of carbon emissions.
“The redevelopment of the Missouri Theatre building has been in the works for some time and PACE-financing is a critical piece of the puzzle,” said Steve Smith, CEO of Lawrence Group, the project’s lead developer. “Because PACE-financing leverages 20 years of future savings and makes this amount available today, it acts like a capstone for the project’s entire capital stack and completes the financial picture. We are happy to utilize this excellent tool that the City provides and are considering its use on future projects as well.”read more