DC Green Bank and PACE Equity Finance announced the closing of $20.6 million in C-PACE financing for ONE Street Commercial Properties to support the conversion of an office building on the Georgetown waterfront into energy-efficient new condominiums and retail space. The renovated building will include 21 for-sale condos, one affordable unit, and ground-floor retail and restaurant space. The development is also expected to create five permanent jobs.
The C-PACE proceeds will fund upgrades to the building envelope, HVAC, lighting, plumbing, and elevators that are estimated to save nearly $160,000 in operational costs annually. The new development will also include at least five EV chargers for residents and visitors. By converting an existing structure, the building will significantly reduce carbon emissions.
“This project is revitalizing office space and turning it into homes and businesses that will power the future of DC,” said Brandi Colander, CEO of DC Green Bank. “C-PACE financing is a valuable tool for making transformational projects possible.”
“C-PACE financing is having a major impact in DC and helping developers build creative and impactful projects,” said Beau Engman, president and founder at PACE Equity Finance. “This office-to-residential conversion demonstrates the versatility of C-PACE across property types and capital structures.”
“DC Green Bank and PACE Equity Finance were essential partners in helping us get the financing we needed to make this project possible,” said Kevin Brandes, Managing Director, ONE Street CP. “This C-PACE financing helped us make investments in the property that will make the building more attractive to residents and reduce costs in the long run.”
The development is expected to be completed by fall/winter 2027.
3333_K_St_Press_Release_9.4.26