$7.1 Million Energy Efficiency Project Kicks Off at Fiddler’s Green Center
This retrofit is the largest C-PACE project to-date in the state of Colorado
GREENWOOD VILLAGE, Colo. (February 1, 2018) – Today, two six-story office buildings in Greenwood Village’s Fiddler’s Green Center are taking the first step toward an even more energy-efficient future. At the conclusion of this $7.1 million energy retrofit project—which includes both hard and soft costs—the Fiddler’s Green Center buildings will save $385,000 in annual energy and maintenance costs, representing a 30 percent savings. The project begins today and is expected to be completed later this summer.
These twin buildings total 414,000 square feet, and energy-saving work in the coming months will focus on replacing roof-top units, upgrading controls, revamping lighting, updating water fixtures, installing next-generation metering of all tenant spaces, pursuing LEED certification, and kicking off a 3-year Active Energy Management (AEM) program.
This project is a collaboration between John Madden Company, the owner of both buildings; McKinstry, an energy service company and design builder; Bellco Credit Union, the project financier; Integro, the finance consultant; and the Colorado C-PACE program, which facilitates financing for energy and water improvements in Colorado’s commercial and industrial buildings.
“We’ve been saving energy alongside John Madden Company since 2012, and this project will allow that partnership to reach even greater heights,” said McKinstry Business Development Director Phillip Saieg. “It’s the best of both worlds, because these energy improvements pay for themselves with savings while also boosting occupant comfort.”
“We think our tenants at Fiddler’s Green Center will be more comfortable and content than ever once this project is completed,” added John Madden Company CEO Blair Madden Bui. “We’re proud to work with McKinstry to make these buildings sustainable and comfortable for decades to come.”
Notably, this project will be the largest-ever financed through Colorado’s C-PACE program, establishing a new benchmark for excellence in C-PACE energy efficiency projects.
About John Madden Company
John Madden Company is Denver’s premier real estate development company, offering completely integrated real estate services: Land acquisition, asset management, project management, brokerage and leasing, tenant finish, construction management and property management.
McKinstry is a full-service design, build, operate and maintain (DBOM) firm specializing in consulting, construction, energy and facility services. The firm’s innovative, integrated delivery methodology provides clients with a single point of accountability that drives waste and redundancy out of the design/build process. With over 1,600 professional staff and tradespeople throughout the United States and operations in more than 15 states, McKinstry advocates collaborative, sustainable solutions designed to ensure occupant comfort, improve systems efficiency, reduce facility operational costs, and optimize profitability “For The Life of Your Building.”
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, including new heating/cooling systems, lighting, water pumps, insulation, and renewable energy projects for commercial and industrial properties. C-PACE offers long-term financing that covers 100 percent of the project cost and is repaid over a period of up to 20 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. Visit copace.com for more information.
About Bellco Credit Union
Bellco is one of Colorado’s largest financial institutions, with more than $4 billion in assets and 24 branches in Colorado. Founded in 1936, Bellco offers a full range of financial products and services including mortgages, auto loans and checking accounts. Today, Bellco has more than 300,000 members who benefit from the advantages of a credit union, including lower interest rates on loans, higher yields on savings, and access to thousands of ATMs nationwide. Connect with Bellco on Facebook and Twitter. Bellco is Federally Insured by NCUA and is an Equal Housing Opportunity Lender.
Integro advises both local and national commercial real estate firmsand corporations on strategies to “green” retrofit their portfolios utilizing PACE financing and other incentive programs that make business sense. We layer multiple funding sources that result in positive economics for owners that are rehabbing buildings to achieve energy efficiency, resource conservation and use of renewable energy sources.