The City of Dallas Office of Economic Development received a Silver Excellence in Economic Development Award from the International Economic Development Council (IEDC).
The project recognized was the Historic Butler Brothers Building: Mixed-Use Redevelopment Project in the category of Real Estate Redevelopment & Reuse.
The honor was presented at an awards ceremony on Tuesday, Oct. 2, during the IEDC Annual Conference in Atlanta.
The 750,000-sq. ft. Butler Brothers Building was constructed in 1910 as a mercantile warehouse and had been long abandoned when Alterra International purchased it in 2011.
Given its historic status and deteriorated condition, redevelopment would be costly. Utilization of the City of Dallas PACE (Property Assessed Clean Energy) Program allowed energy and water-saving measures to be incorporated into the mixed-use project, demonstrating its value as a low-cost, long-term replacement to expensive equity partner financing. The City of Dallas established its PACE program in 2016.
“This project shows how PACE financing works well with historic buildings, as it makes it possible to incorporate energy-efficiency upgrades that would otherwise be impossible to do,” Courtney Pogue, Director of the City of Dallas Office of Economic Development, said. “Typical real estate capital stacks can fall short of the funds necessary to cover the additional up-front costs required for such upgrades.”
PACE, as an innovative financing program, can offer commercial, industrial and large multi-family property owners a voluntary way to obtain up to 100% financing for water conservation, energy-efficiency, resiliency and distributed generation retrofits.
The Butler Brothers Building is the third largest PACE project in the country and the largest in Texas, and includes residential, retail and the dual-branded Fairfield Inn/TownePlace Suites by Marriott. It will contribute to over 100 new jobs in Dallas, reduce annual electricity use by more than 6.6 million kilowatt hours, remove over 3,500 metric tons of CO2e and save almost 700,000 gallons of water each year. Its taxable value after completion will increase by nearly $60 million.
"This year our judges reviewed some extraordinary projects that advanced both communities and businesses, said Craig Richard, 2018 Board Chair. “We congratulate all the award winners and thank everyone who nominated their projects for sharing their success with fellow IEDC membe
The International Economic Development Council (IEDC) is the world's largest membership organization for economic development professionals. Economic developers promote economic well-being and quality of life in their communities by creating, retaining and expanding jobs that facilitate growth and provide a stable tax base.
From public to private, rural to urban, and local to international, our members represent the entire range of economic development. Learn more at iedconline.org.