Developer of Steamboat Marriott program partners with C-PACE program
Steamboat Pilot & TodAY
STEAMBOAT SPRINGS — Real estate development firm Cypress 16 will use the Colorado C-PACE program to incorporate multiple energy-efficiency design features into its new 78,917-square-foot Residence Inn by Marriott on Pine Grove Road in Steamboat Springs.
This is the first C-PACE financed project located in Routt County.
“It’s great, to not only have Routt County participating, but to now have a project there demonstrating the real benefits of the C-PACE program,” said Colorado New Energy Improvement District Chairman Andrew Sand in a news release. “The program is designed to help building owners and developers in our rural communities get access to low-cost, long-term financing for energy improvements.”
Denver-based Cypress 16, which specializes in the development of hotels, office and mixed-use projects, is the project developer for the 110-room, four-story hotel. “Staying within budget on a project often means scaling back on state-of-the-art, energy-efficient systems and measures,” Gary Roffe of Cypress 16 said in a news release. “With C-PACE financing, we maximized energy efficiency during the design process. The result is an efficient, high-performing building that has increased asset value.”
MCP Group with offices in Steamboat is providing construction management services for the new Residence Inn and Alpine Bank provided the $2.4 million C-PACE financing for the project.
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