Building in Chicago Could Save You Money… and Energy!03 March 2020
W.E. O’Neil’s The Reserve, an Autograph Collection Hotel project has become the first in Chicago to receive private capital financing through the city’s new Chicago PACE (Property Assessed Clean Energy) program, designed to support energy-efficient infrastructure investments and strengthen the city’s clean-energy economy.
The financing for the project is allocated for improvements of the building’s windows, lighting, elevators, plumbing and heating and cooling systems – updates that are projected to conserve nearly one million kWh of energy and more than two million gallons of water annually (a savings of $3 million in operating expenses over the course of the loan).
These updates are part of a five-floor conversion of office space in Chicago’s old Continental & Commercial Bank Building at 208 S. LaSalle into a 233-key luxury hotel. The project is scheduled to be complete in the spring of 2021.
Developer: The Prime Group
Architect: Chipman Design
General Contractor: W.E. O’Neil Construction