Grimke School Redevelopment
DC PACE Program And Stonehill PACE Announce Closing On Nearly $3.5M Financing For Multi-Family Redevelopment Project
The DC PACE Program and Stonehill PACE program are proud to announce the successful closing of nearly $3.5 million in financing to deliver energy efficiency and renewable energy upgrades for a new construction multi-family development at 1966 9 ½ Street NW, in the U Street/Shaw neighborhood. The financing administered through the DC PACE program will provide substantial environmental benefits for the residents of the building, including 250,790 kWH of electricity savings, and 463,372 gallons of water savings. Additionally, these annual energy savings will result in reducing emissions by about 178 metric tons of CO2 annually, the equivalent of using 38 gasoline-powered passenger vehicles driven for one year or mitigating the average energy usage of more than 22 homes in one year. The 38-unit property will include 12 units that are designated for affordable housing with 3 units allocated to 30% Area Median Income (AMI) and 9 units allocated to 50% AMI.
“The DC PACE Program takes pride in supporting the revitalization project of 9 ½ Street, which includes the historic Grimke School and the African American Civil War Museum,” said Ronald Hobson, DC PACE Program Manager. “As we aim for a cleaner and more sustainable DC, we can also play an important role in preserving and honoring the history of these buildings and neighborhoods. Discovering that my own ancestor’s name, Fredrick Towles, was inscribed in the museum for his service as he fought for his own freedom and for this country in the Union Army was a poignant reminder of this responsibility.”
Community Three is the developer of this two-phase adaptive reuse and new construction project, phase one was completed in 2021 and phase two is expected to be completed in the fourth quarter of 2024.
“Stonehill is proud to continue our partnership with the DC PACE Program on this important project, which will provide much-needed affordable housing while also promoting sustainability,” said Jared Schlosser, Stonehill SVP. “We are committed to working together to support more projects like this that benefit the community and the environment as well as preserving our shared history.”
"The final phase of the Grimke School project is a long-awaited triumph for our team,” said Lynn Hackney, Principal, Community Three. “We are thrilled to strengthen our ongoing partnership with DC Green Bank’s PACE program, whose dedication to promoting sustainable development in the District has been unwavering. Together, we embark on an exciting journey towards a more inclusive and resilient future."
The DC Property Assessed Clean Energy (PACE) program offers a unique financing option for sustainable energy initiatives, including solar installations, energy-efficient upgrades like HVAC units and windows, and conservation projects such as water use systems and green roofs.