CASE STUDY

CASCADE PLAZA

Location: Akron, Ohio

Type: PACE Financing

The Client

Cascade Plaza, managed by Arthur Goldner & Associates, Inc. (AG), is the second tallest building in Akron, Ohio. The commercial office space was built in 1968, stands 23 floors tall, and is roughly 233,889 total square feet.  

The Challenge

Due to the aging infrastructure, the building’s systems were inefficient, resulting in high operational costs. The heating and cooling plant was located in the penthouse on the top floor making system retrofits much more complex and challenging.

The Solution

Plug Smart compressed the implementation schedule to meet the needs of the client, finding innovative ways to reduce the required number of crane lifts and roadway shutdowns, while also eliminating any building downtime.

 

By taking advantage of the regional Property Assessed Clean Energy (PACE) program, AG was able to finance 100% of the project off-balance sheet. The operational savings were able to be utilized to directly finance the project, cover the debt service, and create an overall positive cash flow environment for the owner without requiring any money out-of-pocket. 

$4.5M

Investment

$246K

Annual O&M Savings

$439K

Total Annual Savings

$0

Paid Out-of-Pocket

"Operational savings are always passed along to our tenants... To the extent that we make this building more efficient, obviously the tenants will benefit.”

—Kathy Cunningham,

Cascade Plaza

Building Manager

Qualify your property's eligibility for PACE Financing opportunities:

Download this case study: