Milwaukee-based PACE Equity LLC, a property assessed clean energy project originator, today announced the first PACE project in the state: a $1.9 million renovation of the University Club building at 924 E. Wells St in downtown Milwaukee.
The six-story clubhouse, which was built in 1928, will undergo a complete overhaul focused on generating a 30 percent energy savings of $1.3 million over 18 years, the company said.
PACE Equity acted as owner’s representative and worked with the City of Milwaukee in the development of the renovation plan. The Milwaukee Economic Development Corporation provided financing of the PACE portion of the project, which accounted for 35 percent of the overall renovation budget. PACE Equity also provided energy engineering and a guarantee of the corresponding energy savings.
“We know that the results of the University Club project will help other building owners see the possibilities of the PACE program, and we are proud to be leading the charge in Wisconsin,” said Beau Engman, founder of PACE Equity. “The University Club is performing a renovation that is important to their strategic plan. This project is an example of how PACE funding can be used as a tool to help building owners perform significant building improvements that are ultimately funded through energy savings.”