PACE Equity, the leading PACE project developer and funder of CPACE (Commercial PACE) projects on a national basis, announces PACE completion and funding for a new construction grocery store and convenience store in St. Louis, MO. The building represents not only the first new construction PACE project in Missouri but also the first new construction retail PACE project in the country. PACE Equity provided project governance, engineering and funding for the project.
The project is key for the Northside Regeneration Project in St. Louis, as it shall end a prominent food desert and anchor the $1.8b new headquarters for the National Geospatial-Intelligence Agency. The GreenLeaf Market and Zoom Convenience Store projects bring over $20m of investment to the area. Developed by M Property Services, which is led by Paul McKee, the development is a shining example of utilizing PACE financing for economic development projects. The PACE Equity portion of the project is $2,737,000, which represented approximately 14% of the total development costs.
The project utilized several components for the financing including a bank loan guaranteed by the USDA, New Market Tax Credits, financing from the City of St. Louis and equity from the developer, M Property Services.
Paul McKee, M Property Services CEO, has been pursuing local farm fresh food for the community for several years now. “It’s been a long journey to see our vision for this property come to fruition. Delivering good food was well worth the challenge and utilizing PACE Equity, which fit with our New Market Tax Credits and USDA loan, completed the financing we needed.”
The PACE Equity project & sustainable features include LED lighting, upgraded refrigeration, white roofs and a solar canopy.
About PACE Equity
PACE Equity is the leading project developer and funder of CPACE projects. By utilizing PACE Equity’s turnkey approach to PACE projects, building owners and developers across the country work with PACE Equity on renovation, redevelopment and new construction projects. PACE Equity has a local presence in 20 PACE markets nationally and committed capital for projects. For more information on PACE Equity in Missouri, contact Gene Quarells at (310)-497-0902 or email@example.com. For information on PACE Equity, please contact Ethan Elser at (414)-446-3645 firstname.lastname@example.org or visit www.pace-equity.com.
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What is PACE?
PACE, which stands for Property Assessed Clean Energy, is a simple and effective way to finance energy efficiency, renewable energy, and water conservation upgrades to buildings. PACE can pay for new heating and cooling systems, lighting improvements, solar panels, water pumps, insulation, and more. It can be used for almost any property – commercial, industrial, multifamily, non-profit, and agricultural properties.
PACE is designed to breakdown longstanding barriers to energy efficiency, as well as creating jobs.