One Memphis Place Secures $1.7 Million for Green Upgrades Through C-PACER Financing
One Memphis Place’s owner intends to finance up to $1.7 million in improvements “to reduce energy and water consumption, increase resiliency and install renewable energy systems on the property.”
One Memphis Place’s owner — a 70-30 joint venture between Florida-based Calidus Holdings and Florida-based CCN — intends to finance up to $1.7 million in improvements “to reduce energy and water consumption, increase resiliency and install renewable energy systems on the property,” according to its C-PACER application.
The property includes two tax parcels for a total of 1.76 acres and includes a 15-story,228,000-square-foot, multi-tenanted, stabilized office tower and its adjacent five-story, 421-space parking garage.
The Economic Development Growth Engine (EDGE) for Memphis and Shelby County approved the funding on Sept. 18, with the goal of reducing energy and water consumption, increasing resilience, and installing renewable energy systems at the 15-story, 228,000-square-foot office tower.
The improvements are expected to save the building $42,000 annually in utility costs and reduce water usage by 348,000 gallons. The project is part of a larger $12.9 million commercial financing and $3 million in sponsor equity, with the C-PACER loan being repaid over 25 years.
C-PACER financing helps property owners cover the costs of green upgrades without using public funds, with criteria requiring projects to exceed $1 million and allocate at least 25% of spending to Minority/Women-Owned Business Enterprises (MWBEs).
What is C-PACER?
C-PACER financing helps lower property owners’ costs while minimizing development impact, energy consumption and public infrastructure. The program does not reduce taxes or give grants or other public funding sources.
To qualify for C-PACER financing, the property improvements must exceed $1 million, with at least 25% of the spend going to
Minority/Women-Owned Business Enterprises, reduce energy and water consumption, improve resiliency and conform to international codes.
Source: Daily Memphian
