Kansas City Hotel Project Lands C-PACE Support
- Oct 25, 2019
Petros PACE Finance has closed an $8 million Commercial Property Assessed Clean Energy deal with Pederson Development Co., to finance energy efficiency measures in the construction of a 13-story Hyatt House hotel at the southwest corner of Ninth Street and Broadway in Kansas City’s Garment District. The transaction marks Petros’ fourth C-PACE deal in Missouri.
The developer will use the financing to integrate a number of sustainable building features into the project, including HVAC systems, LED lighting, elevators and energy-efficient roofing, windows and walls. The development’s features are expected to lead to savings in utility and maintenance costs exceeding $7 million and reduce carbon dioxide emissions by nearly 1,200 metric tons.
The 153-key project will be the first Hyatt House in the region. Construction is anticipated to start at the end of October, with completion slated for January 2021. Brinkmann Constructors is acting as the general contractor for the project, and Show Me PACE is the administrator of Jackson County’s PACE program.