Boardwalk Traverse City
Continued development in Grand Traverse County!
The Boardwalk Traverse City, is a five story mixed-use building located in Grand Traverse County. The first floor will be five retail/commercial units, with floors two through five being forty residential units. The units will be used as short term nightly and weekly rental use. The Boardwalk will be a wonderful new spot to shop and lodge in scenic Traverse City.
This new construction project will utilize over $1.7 million in PACE financing to build above code and to a higher efficiency. The Boardwalk TC LLC, along with G-Energy with financing from PACE Loan Group will implement a wide variety of energy efficiency measures to the building envelope, windows, HVAC, lighting, and plumbing.
The Boardwalk marks Grand Traverse County’s fourth PACE project, which continues to be a trailblazer in PACE implementation. Grand Traverse County sets a wonderful example on how to develop northern Michigan in a sustainable manner. Congratulations to all parties involved, we can’t wait to see what you do next.
Project Quick Stats
- PACE District: Grand Traverse County
- Property Owner: Boardwalk TC, LLC
- PACE Contractor: G-Energy & Socks Construction
- PACE lender: PACE Loan Group
- Amount Financed: $1,740,000
- Net Savings: $3,003,500
- Energy Conservation Measures:
- Building Envelope
- Energy Star Windows
- High Efficiency Plumbing
- Project Term: 25 years
Impact: The PACE project at The Boarwalk TC is expected to save 5,661 metric tons of C02, 6,254,800 kWh of electricity, and 14,437,950 gallons of water over the span of the project.
Lean & Green Michigan
Lean & Green MichiganTM helps commercial, industrial and multi-family property owners take advantage of PACE to finance energy projects, eliminate waste and save money through long-term financing solutions that make energy projects profitable. Lean & Green MichiganTM is a public-private partnership that works with local governments, contractors, property owners, and lenders to invigorate Michigan’s PACE statute with a market-based approach to energy finance and economic development.
Commercial building owners spend $200 billion per year on utilities, yet 30% of this is waste. The energy projects that could make these properties efficient often require significant up-front capital and take years to achieve profitability. Commercial loans typically have a tenor of 3-5 years, making the annual repayment greater than the energy savings. PACE changes all this by allowing property owners to finance energy efficiency and renewable energy projects via a property tax special assessment.
Grand Traverse County 's elected leaders created a countywide PACE district in April 2014 by joining the statewide Lean & Green Michigan PACE program. Since the County will enforce the PACE assessment just like any other property tax obligation, lenders feel secure in providing fixed-interest loans with terms of up to 25 years. The result is 100% up front financing to facilitate energy-saving projects. In addition, these projects create good jobs, and communities upgrade their building stock, increasing the local tax base over time.