At Miller’s Landing, we’re creating a sustainable development that enhances the lives of tenants, visitors, and the community. Our participation in the Colorado C-PACE program will help us achieve that goal.
Miller’s Landing is a new multi-use commercial development in Castle Rock, CO. When completed, Miller’s Landing will include a pedestrian-friendly town center with shopping and dining options, attractive multi-family housing and modern commercial offices.
Financing for Energy Efficiency
The C-PACE (Commercial Property Assessed Clean Energy) program offers financing for energy efficient buildings and technology, water conservation measures and renewable energy generation. The program provides developers and building owners with access to attractive private-sector financing to pay for the projects.
- Lower energy and water costs
- Increase renewable energy deployment
- Reduce greenhouse gas emissions
- Create local jobs
C-PACE offers financing terms of up to 25 years. Participating banks, credit unions, and private capital firms, provide the financing.
C-PACE financing has led to many successful commercial developments and renovations across the country. One success story is the Blackstone Hotel in Omaha, NE. It was built in 1916 as a premier hotel. It was converted into office space in the mid-1980s.
In 2018, two development companies purchased the property with the intent of turning it back into a hotel. As part of the renovation, the developers obtained a $4.6 million loan through a C-PACE finance agreement.
C-PACE financing can provide property owners with a significant amount of capital for new development or redevelopment. The repayment terms make C-PACE unique among other types of financing.
“Financing is provided upfront and repaid incrementally as a line item on the building’s property tax bill,” reports the U.S. Dept. of Energy. “Since the financing agreement is tied to the property rather than the owner, there are fewer barriers to investing long-term in building efficiency. In many cases, C-PACE can finance 100% of the cost of building efficiency measures at lower cost and higher leverage than other forms of financing.”
At the Blackstone Hotel, the energy efficiency improvements financed by C-PACE are expected to result in annual utility savings of $116,000. Over the course of the 23-year financing term, the savings are expected to total $4.1 million and increase the property’s value by about $1.5 million.
For more information on C-PACE, including fact sheets, toolkits and implementation models, visit the Energy Department’s Better Buildings® website.
About Miller’s Landing
On land that was deemed blighted, Miller’s Landing is creating a dynamic town center complete with dining, retail and entertainment options. The town center will be supported by attractive multi-family housing and modern offices that meet today’s new normal standards.
Miller’s Landing offers easy walking and bicycling access to downtown Castle Rock and nearby Philip S. Miller Park, the area’s premier outdoor recreation area. Miller’s Landing also features large swaths of open space with spectacular views of the Colorado Front Range.
About Castle Rock, Colorado
Castle Rock is a popular town on the I-25 corridor in the south Denver metropolitan area. Conveniently located between Denver and Colorado Springs, the community offers small-town charm and easy access to big city amenities and outdoor recreation.
Its attractive lifestyle makes Castle Rock a popular home town with well-educated professionals.
Be a Part of the Journey
We invite you to be a part of the journey as we create an exciting future at Miller’s Landing. Contact us to learn more about business and housing opportunities.