september 18, 2024
Wayne County's $100 Million in PACE Financing Milestone!
Wayne County has reached a significant milestone by surpassing $100 million in PACE financing for energy-efficient projects. This achievement highlights Wayne County’s effective use of the PACE program to attract private capital for eco-friendly building initiatives and economic development.
Wayne County Executive Warren C. Evans emphasized, “As a key component of our economic development initiatives, we have been focused on prioritizing sustainability and environmental stewardship. Achieving this milestone is evidence of my administration’s commitment to environmental sustainability, and the fact that we recognize it is not simply an option but the way of the future.”
Showcased below are two recent Wayne County PACE projects that contributed to this milestone, which were funded by PACE Loan Group.
Romulus Self Storage is the 28th PACE project completed in Wayne County. Set on 5.16 acres, the project will feature seven mini-storage buildings encompassing 57,603 square feet of land, with a mix of 475 rentable units. A notable 298 units will be climate-controlled, catering to the growing demand for premium, temperature-regulated storage solutions. The facility also includes a dedicated office space to manage operations efficiently.
Leveraging PACE financing, Romulus Self Storage will integrate energy-efficient technologies throughout its construction. This includes enhancements to the building envelope, high-performance windows, state-of-the-art HVAC systems, water-saving plumbing fixtures, and energy-efficient lighting. These upgrades exceed current building codes and ensure long-term operational savings and a reduced environmental footprint.
By focusing on energy efficiency and high-quality units, the facility offers great value for future tenants, showing a strong commitment to being eco-friendly and providing top-notch service. Congratulations to all parties involved, including PACE Loan Group!
The Samaritan Center, located in Wayne County, is a 444,475 sq. ft., three-building business complex re-developed from a medical facility. The center is now managed by a Detroit-based, women-owned property management firm, BeanStalk Real Estate Solutions. The Samaritan Center was founded to stimulate urban growth and revitalization in Detroit’s east side and is home to various non-profit organizations that aim to foster education, mental and physical health, as well as workforce development.
The development team of the Samaritan Center, with the help of G-Energy, and financing from PACE Loan Group, will utilize over $3.26 million in C-PACE financing to install energy-efficiency improvements in the main building, including LED lighting, HVAC, water systems, and new elevators. These energy-efficiency improvements are expected to save $328,370 annually in energy costs and reduce annual maintenance costs by $250,000.
The Samaritan Center serves as a shining example of how C-PACE can reinvigorate older buildings in a cost- and energy-efficient manner.
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