The City of Richmond has announced the first successful use of its Commercial Property Assessed Clean Energy (C-PACE) program. The initiative aims to support energy efficiency, resiliency, and sustainable redevelopment in commercial and multifamily properties throughout Richmond.
C-PACE offers long-term, fixed-rate financing for eligible property owners to make improvements related to sustainability. Repayment is structured as a voluntary assessment attached to the property, reducing upfront costs and aligning payments with building performance over time.
Laura Thomas, Director of the City’s Office of Sustainability, said: “C-PACE connects sustainability goals with real-world investment. This program supports the Mayor’s vision for thriving neighborhoods, sustainable infrastructure, and an inclusive economy by helping property owners improve building performance, reduce environmental impact, and contribute to long-term community vitality.”
The program’s first project involves redeveloping the former Dominion Energy tower at 707 East Main Street in downtown Richmond. The lower floors will become an AC Hotel by Marriott, while upper floors will be converted into apartments. The ground floor will house the AC Lounge restaurant, which will be open to the public.
Isaac Rudin, Capital Markets and Investments Manager at Douglas Development, commented: “On behalf of Norman Jamal and the Douglas Development Team, Senior Managing Principal of Douglas Development, is thrilled to be the first property owner to successfully use C-PACE in the City of Richmond. Adaptive reuse is the future of urban placemaking-when done right, it can reinvigorate neighborhoods, preserve character, and create lasting vibrancy. We are honored to partner with Richmond on enabling the Dominion Building’s transformation into a more energy-efficient structure and a revitalized use. Douglas Development is appreciative of the strong collaboration with the city government and specifically wants to thank Mayor Danny Avula for helping to lead the way to a robust future for downtown Richmond.”
Richmond’s C-PACE program works alongside the Virginia PACE Authority and Virginia Department of Energy within a statewide framework that increases access to clean energy financing for localities and property owners across Virginia.
The city says that engaging property owners through C-PACE is part of its broader effort to use sustainability tools for reinvestment in urban areas. This strategy aims to link environmental responsibility with economic opportunity and neighborhood growth.
Details about eligibility requirements and how to apply can be found at rva.gov/sustainability/commercial-property-assessed-clean-energy.
