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.”
Downtown’s One Memphis Place is going greener. The Economic Development Growth Engine for Memphis and Shelby County approved Commercial Property Assessed Clean Energy and Resiliency, or C-PACER, financing for 200 Jefferson Ave. Wednesday, Sept. 18.
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.
After implementing the energy efficiency and water saving measures, the owners of the building should see annual utility savings of about $42,000 and water usage drop by around 348,000 gallons.
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 $1.7 million loan C-PACER loan will have a term of 25 years. The project also has $12.9 million in commercial financing and $3 million in sponsor equity.
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.
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