Nuveen Green Capital provided $13M in C-PACE capital to the total $64M development project cost. The property will be utilizing several energy efficient measures financed by C-PACE including roofing, windows, HVAC, plug load controls, smart thermostats, elevator systems and low-flow fixtures which are estimated to save the property nearly $40M over the 25-year term of the financing.
The Exchange is a new construction development project in Detroit’s Greektown district that will be a state-of-the-art, 16-story mixed use commercial and multifamily property.
I was delighted to bring my C-PACE experience to Exchange enabling it to become an important part of the City’s continued redevelopment.
We are pleased to see that Wayne County continues to exhibit some of the largest C-PACE projects in the state. The Exchange shows that PACE is a game-changing economic development tool for the County’s real estate market.