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7.16.2013 sceip simon mall case study

Kristina Klimovich
Kristina Klimovich

The Simon Property Group sought improvements to their Santa Rosa Plaza shopping center to increase tenant comfort, improve performance, and reduce energy costs. They utilized Property Assessed Clean Energy (PACE) financing to install a cool roof, making it the first large-scale commercial PACE project in California. The PACE funding allowed for zero up-front costs and the assessment would stay with the property upon sale. A utility audit determined the cool roof would reduce temperatures by up to 60 degrees. The mall manager praised the project for helping reduce their carbon footprint and energy costs while creating local jobs.

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The Challenge SantaRosaPlaza,oneofthepremierdowntownshoppingdestinationsinNorthernCalifor- nia, needed a Cool Roof. The building is relatively new, it was built in 1971, and it houses a number of well-known tenants: Apple, Best Buy, Abercrombie & Fitch, Burger King, GAP, Michael Kors, GNC, and many others. Building owner - Simon Property Group, which is the largest real estate investment trust, was looking to: Increase tenants comfort and satisfaction Improve overall building performance Reduce energy costs Case Study No. 5 Simon Property Group chooses PACE for Santa Rosa Plaza. The Solution In 2009, PACE was still a relatively new idea and Simon Property Group immediately rec- ognized the benefits of long-term, property tax like structure. The building manager was motivatedbyeconomicsavingsandadesiretosupportsustainabilityingeneral.PACEwasa winning solution for Santa Rosa Plaza for the following reasons: Zero up-front cash investment Ability to pass payments through to tenants PACE assessment stays with the property upon sale Long-term financing Project Success Santa Rosa Plaza was the first large-scale commercial PACE project in California. The Sonoma County Energy Independence Program worked with the building manager from the application up until the project completion. A local utility, PG & E financed an ASHRAE Level 1 audit, which allowed all parties to determined the most effective com- bination of improvements and financing options. A Cool Roof is a highly reflective roofing system that stays up to 60 degrees cooler than a typical roof. This is just one of the many steps were taking to reduce our carbon footprint here at Santa Rosa Plaza, said Laura Kozup, Area Mall Manager at Santa Rosa Plaza. We recentlyinstalledaneco-friendlyenergymanagementsystemthatwillbeaneffectivecom- plementtotheCoolRoof,andweareverygratefultoSonomaCountyforenablingustoserve asanexampletoothercorporatecitizenswhoarereviewingopportunitiestoreduceenergy costs and create jobs responsibly. PACE in Sonoma, CA Sonoma County Energy Independence Program (SCEIP) provides financing strategiesthatimprovethe property value, stimulate the economy, and create jobs for the community. Contact Information SCEIP Program 707.565.6470 sceip@sonoma-county.org www.sonomacountyen- ergy.org Project Financing PACE Assessment: $463,411 Term: 10 years Rate: 7% fixed Building Details Size: 699,000 sq. ft. Year Built: 1971 Building Value: $240 million Improvements Reflective Cool Roof 息 2013 PACENow PACE

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7.16.2013 sceip simon mall case study

  • 1. The Challenge SantaRosaPlaza,oneofthepremierdowntownshoppingdestinationsinNorthernCalifor- nia, needed a Cool Roof. The building is relatively new, it was built in 1971, and it houses a number of well-known tenants: Apple, Best Buy, Abercrombie & Fitch, Burger King, GAP, Michael Kors, GNC, and many others. Building owner - Simon Property Group, which is the largest real estate investment trust, was looking to: Increase tenants comfort and satisfaction Improve overall building performance Reduce energy costs Case Study No. 5 Simon Property Group chooses PACE for Santa Rosa Plaza. The Solution In 2009, PACE was still a relatively new idea and Simon Property Group immediately rec- ognized the benefits of long-term, property tax like structure. The building manager was motivatedbyeconomicsavingsandadesiretosupportsustainabilityingeneral.PACEwasa winning solution for Santa Rosa Plaza for the following reasons: Zero up-front cash investment Ability to pass payments through to tenants PACE assessment stays with the property upon sale Long-term financing Project Success Santa Rosa Plaza was the first large-scale commercial PACE project in California. The Sonoma County Energy Independence Program worked with the building manager from the application up until the project completion. A local utility, PG & E financed an ASHRAE Level 1 audit, which allowed all parties to determined the most effective com- bination of improvements and financing options. A Cool Roof is a highly reflective roofing system that stays up to 60 degrees cooler than a typical roof. This is just one of the many steps were taking to reduce our carbon footprint here at Santa Rosa Plaza, said Laura Kozup, Area Mall Manager at Santa Rosa Plaza. We recentlyinstalledaneco-friendlyenergymanagementsystemthatwillbeaneffectivecom- plementtotheCoolRoof,andweareverygratefultoSonomaCountyforenablingustoserve asanexampletoothercorporatecitizenswhoarereviewingopportunitiestoreduceenergy costs and create jobs responsibly. PACE in Sonoma, CA Sonoma County Energy Independence Program (SCEIP) provides financing strategiesthatimprovethe property value, stimulate the economy, and create jobs for the community. Contact Information SCEIP Program 707.565.6470 sceip@sonoma-county.org www.sonomacountyen- ergy.org Project Financing PACE Assessment: $463,411 Term: 10 years Rate: 7% fixed Building Details Size: 699,000 sq. ft. Year Built: 1971 Building Value: $240 million Improvements Reflective Cool Roof 息 2013 PACENow PACE