Shaker Professional, Cleveland
MAN-Holdings CEO Amanda Mayan believes energy efficiency plays an important role in the redevelopment of underperforming commercial properties. For an economically diverse community, such as Cleveland OH, where her firm is based, there is a pressing need for affordable modern office and residential spaces. Renovation of older commercial and residential multifamily stock provides significant cost savings over new construction, where prices of $150/sq ft and up can result in prohibitive rents for small businesses and can make the cost of housing a challenge for working families. In 2018 MAN-Holdings secured C-PACE financing from Nuveen Green Capital for $467,000 in building improvements that Mayan expects will reduce her property’s energy consumption by 42 percent. Energy saving measures included rooftop solar, building envelope (insulation, window glazing), LED lighting and building controls.
Notably, the deal marks the first use of the C-PACE program in Cleveland.
The property at 11811 Shaker Boulevard is 49,000 square foot professional building owned by MAN Holdings. Lighting, heating, and cooling represented approximately 90% of total annual energy consumption and 83% total annual energy cost, so upgrading these systems was critical to reducing operating expenses and increasing the building’s net operating income.
In addition to C-PACE financing from Nuveen Green Capital, the Greater Cleveland Partnership (GCP) and the Council of Smaller Enterprises (COSE) served as resources to MAN-Holdings, helping the firm secure approximately $15,600 in energy rebates and incentives.
New HVAC, lighting and building controls enhanced tenant comfort and property value.
"Structures like the Shaker West Professional Building can benefit from energy efficiency upgrades that will greatly improve their balance sheets."
– Amanda Mayan, CEO, MAN Holdings