The City of St. Louis closed one of the largest clean energy projects in the United States with a recent financing of an iconic structure.
The Missouri Theatre Building at 634 N. Grand in Grand Center Arts District in St. Louis will undergo a $65 million, clean-energy revamp from Set the PACE St. Louis that will create new St. Louis jobs and save millions for the city.
The developer, Lawrence Group will be assisted by Set the PACE to install comprehensive energy efficiency measures such as improved insulation, windows, LED lighting, high efficient heating and cooling, and building envelope measures.
The project will also include a 146-room boutique Angad Arts Hotel, a restaurant, two 3,000-square foot banquet rooms and a 150-vehicle parking lot.
Otis Williams, secretary of the City of St. Louis Clean Energy Development Board said the new project will amount to millions in savings for St. Louis.
“We are excited for Set the PACE St. Louis to play a significant role in the development and energy savings of an important and iconic structure in the Grand Center Arts District,” Williams said in a written statement. “This project will achieve millions in savings and create more than 1,2000 well-paid, local construction jobs in addition to creating 170 ongoing jobs in the hospitality sector.”
According to the city, the PACE-financed portion of the Missouri Theatre is expected to bring in $659,527 in total savings through the first year.
The total savings over the 20-year term of financing is expected to be $10,924,304 while eliminating an estimated 66,000 tons of carbon emissions.
Byron DeLear, Set the PACE St. Louis’ program administrator, said the project will utilize labor-affiliated contractors to assure workplace standards are met for the project.
“We are being careful and deliberate in implementing new policies and procedures which will ensure the highest level of consumer protection and deliver a robust tool for City property owners to successfully implement energy improvements to their properties,” DeLear said in a written statement. “The Missouri Theatre project is a big step forward and embodies some important City priorities concerning workforce development, not only will the project utilize labor-affiliated contractors to ensure safety, quality construction, and worker’s rights, but the City’s minority and women workforce participation objectives will also be met.”