One of Atlanta’s largest green construction projects has been completed at Pullman Yards as part of a partnership between Invest Atlanta and Ygrene, one of the nation’s leading property improvement financing providers.
Working with Invest Atlanta, Ygrene helped Atomic Entertainment, owner of Pullman Yards, secure $3.8 million in retroactive financing for a new roof and insulation for one of the buildings on the historic property. This financing allowed Atomic Entertainment to recoup its costs for reinvestment in future upgrades, including energy-efficient plumbing, heating and air conditioning, electrical systems, LED lighting, and windows and doors.
Maureen Muelen of Atomic Entertainment says the opportunity to retroactively finance nearly $4 million in construction costs has made it possible to reinvest even more in the local community and further develop Pullman Yards as a cultural asset and economic driver for Atlanta. “This partnership between Invest Atlanta and Ygrene is a game-changer for commercial property owners like us,” said Muelen. “It is an incredible opportunity for every business in Atlanta to do their part to help the city meet its climate and energy goals.”
According to Atlanta Mayor Andre Dickens, in partnership with Invest Atlanta, the City authorized up to $500 million in bonds to finance commercial property improvements through the Ygrene. “Five years ago, the City approved the creation of this commercial PACE program that included a public and private partnership agreement with Ygrene Energy Fund,” said Dickens. “The City’s program provides financing for energy-efficiency and renewable energy building improvements – since the cheapest energy is not wasting energy – and this program helps move Atlanta forward toward its ‘100% clean energy goals’ by the year 2035.”
This project, in fact, is a prime example of how public-private partnerships continue to grow and support the Atlanta economy, while also helping the city reach its climate and economic mobility goals. “With the partnership, we have another economic development tool to not only make buildings more efficient but also to increase affordable housing and support small business development while creating good, sustainable jobs in a growing industry,” said Dr. Eloisa Klementich, president and CEO of Invest Atlanta.
Through the Ygrene program in Atlanta, commercial property owners can access smart capital to finance – or retroactively finance – hundreds of energy efficiency, renewable energy and water conservation upgrades, such as solar and battery storage, energy-efficient roofing, windows and doors and more. Ygrene provides flexibility and quick approvals, with up to 95% non-recourse financing and extended terms of up to 20 years.
“We are thrilled to partner with the City of Atlanta on this important project and help cement Atlanta as a cultural and economic hub for years to come,” said Ygrene CEO Jim Reinhart. “Working with our exceptional partners at Invest Atlanta, we will continue to build on this collaboration and help more property owners lighten the financial burden of revitalizing their buildings while making strides toward a cleaner, greener future for Atlanta.”
The launch of the Ygrene program is part of a broader push by Atlanta to lead on climate action and was supported by the Bloomberg Philanthropies American Cities Climate Challenge. Atlanta is one of the 25 winning cities in the Climate Challenge, which is helping cities set and surpass ambitious climate goals by ramping up action in the two highest-emitting sectors in cities: transportation and buildings.
To learn more about Atlanta’s C-PACE program, visit www.investatlanta.com/pace.