• Commercial Real Estate
  • New Construction
  • Philadelphia C-PACE

C-PACE Funds Construction of Southern Land Company’s The Alcott

Project Overview

The Alcott is a 12-story, mixed-use luxury development that opened to residents in 2024. Located in Philadelphia’s Callowhill neighborhood, the 152-foot industrial-inspired brick, steel, and glass building features 329 luxury apartment homes, 14,000 square feet of ground-floor retail space, and a resort-style pool deck. 

Developed by Southern Land Company and designed by Solomon Cordwell Buenz (SCB), the Alcott was among the earliest multifamily C-PACE projects in Pennsylvania and one of the state’s largest C-PACE deals. In February 2023, PEA, Nuveen Green Capital, and Spring Philadelphia Owner, LLC (Southern Land Company) closed on $40 million in C-PACE financing. The assessment provided essential capital to fund high-performance building systems during the ground-up construction.

$40 million
Project financing
$168,942

Annual energy savings

1,507 Mt

Annual avoided carbon emissions

“Energy efficiency is central to the design and functionality of this project. It truly matters to us that C-PACE financing is available to support our objective of designing and building better for the long-term. This project could not have been financed without C-PACE.”
- Tim Downey, Founder and CEO, Southern Land Company

Project Details

C-PACE financing was used to fund comprehensive energy efficiency and water conservation investments during construction. The Alcott is projected to operate 30% more energy efficient than required by Philadelphia’s building energy code baseline.

C-PACE funds covered the following building improvements:

  • High-efficiency HVAC systems
  • High-performance building envelope insulation, roofing, wall assemblies, and windows
  • Advanced interior and exterior LED lighting and controls
  • Low-flow plumbing fixtures and water conservation systems
Philadelphia C-PACE Program