Commercial, Energy Efficiency, GHG Emissions, Regulation, Finance - October 4, 2017
PACE helps Alterra revive 100-year-old Dallas building
Dallas-based real estate developer Alterra International has been able to secure $23.9 million in PACE financing to transform the energy efficiency and environmental attributes of a century-old building amid its conversion to a mixed-use development.
The success story is outlined in a new blog post from the Environmental Defense Fund, which said the related upgrades to the Butler Brothers Building as Alterra renovated it into a complex with apartments, hotel rooms and retail space are expected to cut energy use by about 40%. The company is utilizing the Texas PACE Authority's "PACE in a Box" model.
Projects supported by the funding will also reduce annual water use, a unique aspect of the story as Texas is the only state to include water in its PACE programs. EDF's Kate Zerrenner said the state could serve as a model for other states where water resources are a concern.
The state's PACE programs have gained steam in recent years, with many cities and counties approving use of the tool, according to the post. Zerrenner wrote:
As a result, exciting projects are getting off the ground to lower energy and water waste. For example, last year three Simon Property Group malls secured over $3 million in PACE financing for energy and water-saving retrofits. And Austin's Congregation Beth Israel was able to use PACE to alleviate its skyrocketing energy bills by improving its insulation.