RICHMOND, Va. - The City of Richmond is marking the first successful use of its Commercial Property Assessed Clean Energy (C-PACE) program, now supporting energy efficiency, resiliency, and sustainable reinvestment in commercial and multifamily properties across the City.

C-PACE provides eligible property owners with access to long-term, fixed-rate financing for qualifying improvements through a voluntary assessment tied to the property. By reducing upfront cost barriers and aligning repayment with long-term building performance, the program supports sustainable redevelopment while advancing the City's environmental and economic priorities.

"C-PACE connects sustainability goals with real-world investment," said Laura Thomas, Director of the City's Office of Sustainability. "This program supports the Mayor's vision for thriving neighborhoods, sustainable infrastructure, and an inclusive economy by helping property owners improve building performance, reduce environmental impact, and contribute to long-term community vitality."

This landmark project will transform a major block of downtown Richmond through the redevelopment of the former Dominion Energy tower at 707 East Main Street. The tower's lower floors will be converted into an AC Hotel by Marriot, with the upper floors converted into apartments. The ground floor will feature the AC Lounge, a restaurant open to the public.

"On behalf of Norman Jamal and the Douglas Development Team, Senior Managing Principal of Douglas Development, is thrilled to be the first property owner to successfully use C-PACE in the City of Richmond." said Isaac Rudin, Capital Markets and Investments Manager at Douglas Development. "Adaptive reuse is the future of urban placemaking-when done right, it can reinvigorate neighborhoods, preserve character, and create lasting vibrancy. We are honored to partner with Richmond on enabling the Dominion Building's transformation into a more energy-efficient structure and a revitalized use. Douglas Development is appreciative of the strong collaboration with the city government and specifically wants to thank Mayor Danny Avula for helping to lead the way to a robust future for downtown Richmond."

Richmond's C-PACE program operates in partnership with the Virginia PACE Authority and the Virginia Department of Energy, leveraging a statewide framework that expands access to clean energy financing for localities and property owners across the Commonwealth.

The City's engagement with property owners through C-PACE reflects a broader focus on using sustainability tools to encourage reinvestment, improve building performance, and support positive outcomes in the urban core. This approach reinforces the Mayor's pillars by linking environmental stewardship with economic opportunity and neighborhood vitality.

More information about the City of Richmond's C-PACE program, including eligibility requirements and the application process, is available at: rva.gov/sustainability/commercial-property-assessed-clean-energy