Largest New PACE Construction Project in Ohio Receives Funding
- Feb 01, 2019
PACE Equity has completed funding for the largest new PACE construction project in Ohio—a 175,000 square-foot, 240-key Homewood Suites and Hilton Garden Inn within Easton Town Center in Easton, Ohio. The development is expected to cost $47.5 million, with PACE securing 22 percent of the capital stack as well as an additional $26.3 million. Developer Middletown Hotel Management Co. Inc. will cover the rest of the construction costs.
“Integrating green building strategies into the design and construction of the Homewood Suites and Hilton Garden Inn makes good business sense and PACE Equity is helping us meet our clean energy goals,” said Har Bhatnagar, president & CEO of Middletown Hotel Management Co., in a prepared statement.
The sustainable features that make up the upcoming hotel include:
- a highly optimized HVAC system which includes energy recovery make-up air technology and a geothermal system
- high-performance building envelope
- LED lighting for the interior and exterior
- low-flow plumbing fixtures
The building is expected to consume 32 percent less energy and have a utility cost of around $1.61 per square foot.
Rendering courtesy of PACE Equity