The Garland, located at 740 South Broadway in downtown Los Angeles, is the home to the Globe Theatre and coming retail and creative office space. The building is being renovated by a group from Presidio Bay Ventures to bring modern amenities while maintaining the historic facade and components of the interior. Image courtesy of CleanFund.
CleanFund, a provider of Commercial Property Assessed Clean Energy (C-PACE) financing, recently announced providing $7.8 million for the energy, water and related infrastructure improvements supporting the adaptive re-use of The Garland, an 11-story, 82,000 square-foot downtown Los Angeles mixed-use property in the Broadway Theater District.
San Francisco-based Presidio Bay and Los Angeles-based 740 South Broadway Associates are repositioning The Garland, located just blocks from Grand Avenue skyscrapers and condominium developments, to provide 50,000 square-feet of creative office space, a 28,000 square-foot theater/entertainment venue, and 3,200 square-feet of retail.
Houman Sarshar, Principal at 740 South Broadway Associates, said the CleanFund C-PACE financing will help take care of key energy, water and infrastructure components. Construction began in late 2018 with anticipated completion by December 2019.
CleanFund’s C-PACE financing will provide low cost capital for improvements to The Garland including HVAC systems, electrical, elevators, interior daylighting, weather sealing, water system improvements and a seismic retrofit.
C-PACE financing was introduced in California in 2008 as a form of voluntary parcel tax assessment financing to fund qualifying improvements that reduce energy and water usage, and that provide seismic and other resiliency benefits to the built environment. C-PACE financing for commercial real estate, which has been adopted in 35 states and the District of Columbia, allows property owners to repay qualified investments for building upgrades and new construction as a line item on the property’s ordinary property tax bills.
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