Historic Holmes Hardware Using C-PACE Financing in Conversion to Food Hall and Apartments

Lafayette, CO—Colorado C-PACE announced today that the Fuel & Iron Project will use Colorado C-PACE financing to convert the former Holmes Hardware property to a new apartment building and food hall. Located at 400 South Union Avenue in Pueblo, CO, financing for the building’s reconstruction includes a new roof, elevator upgrades, insulated doors, high-efficiency windows, plumbing upgrades, a high-efficiency HVAC system, and new LED lighting.

Nathan Stern, co-developer of the Fuel & Iron Project, said, “This iconic building, which is more than 100 years old, has contributed so much to the local community over the years. We wanted to see it thrive and continue to be a focal point for people who live in and visit Pueblo. Thanks to C-PACE financing, this project will help support that goal.”

The Fuel & Iron Project partnered with Integro Strategic Finance to design the project and perform the environmental impact analysis. Grant Nelson, Principal at Integro Strategic Finance, said, “Gut rehab projects like this offer the owner a cost-effective opportunity to install energy efficiency improvements to every facet of a building’s structural and environmental systems. The Fuel & Iron Project had the foresight to renovate its property without sacrificing the environment. We wish them great success.”

Jacob Goodman, Project Engineer with PCD Engineering, said, “Our analysis forecasts energy consumption savings of 15 percent over the baseline design model. It is always a joy to see a stunning historic building receive a complete makeover that will ensure its operational energy edge restored for decades to come.”

Enhanced Capital provided the C-PACE financing for this project. Ian McCulley, a Director with Enhanced Capital, said, “We consider this project to be a great example of the benefits that flow from C-PACE financing. This cornerstone property, which sat vacant and neglected for years, will add a thriving new enterprise in the local community. We are pleased to assist the Fuel & Iron Project in realizing its vision for this beautiful property.”

About Colorado C-PACE

A program of the New Energy Improvement District (NEID), administered by Sustainable 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 percent 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.

About SRS

Sustainable Real Estate Solutions (SRS) partners with state and local governments to administer commercial property assessed clean energy (C-PACE) programs. Founded in 2010 by experienced commercial real estate and energy efficiency professionals, the company’s proprietary technology-enabled Energy Performance Improvement Calculator (EPIC™) tool streamlines the management of the data-intensive C-PACE technical and financial underwriting process. SRS’s Investor Confidence Project-credentialed quality assurance methodology has facilitated over $500 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Newtown, Connecticut.

About Enhanced Capital

Enhanced Capital is a leader in unlocking value for private investors seeking returns through socially responsible investment initiatives. At the forefront of aligning private sector resources with public policy goals, we transform local economies to the benefit of both investors and community stakeholders.