Colorado Outdoors has closed funding for the second time under Colorado C-PACE, this time, to build two new office, showroom and warehouse facilities.
The 55,000 square foot project will be located at 1305 and 1325 Mayfly Drive in Montrose, Colorado.
“Given the intersection of our businesses and the desire for environmental stewardship, we are highly motivated to build the greenest buildings possible,” said David Dragoo, founder of Colorado Outdoors, in a press release. “C-PACE provides powerful financial incentives to do just that.”
A mixed-use development, Colorado Outdoors will include new homes, apartments, businesses, and recreational amenities. According to Anderson Analytics, the project is anticipated to have over a $200 million impact on the local and regional economy.
Colorado Outdoors contracted with Shaw Construction to construct the new facility. The building design was completed by Pinnacle Design, Inc., of Phoenix.
Greenworks Lending, a national provider of C-PACE financing, funded the nearly $1 million amount for this project.
Colorado C-PACE is a program of the New Energy Improvement District, administered by Susttainable 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% 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 partners with state and local governments to administer commercial property assessed clean energy (C-PACE) programs.