Project Overview
Golaski Labs is a $8.5-million adaptive reuse project, combining the gut rehabilitation of a historic manufacturing building with new construction of a residential tower. The project includes 40 mixed-income apartments alongside 25,000 square feet of commercial space, located within Philadelphia’s historic Germantown neighborhood.
PEA, Nuveen Green Capital, and Golaski Labs, LP closed in 2021 on $1,087,155 in C-PACE financing for Golaski Labs’ commercial space renovation. Today the building hosts offices, makerspace, food retail, and a co-working hub.
Golaski Labs is noteworthy for its use of innovative commercial real estate financing. The funding stack integrated C-PACE alongside New Markets Tax Credits, Historic Preservation Tax Credits, Federal Opportunity Zone equity, and non-accredited crowdfunding.
$1.1 million
$9,500
Annual energy savings
57 Mt
Annual avoided carbon emissions
Project Details
The adaptive reuse project transformed the former Dacron blood-vessel manufacturing factory — most recently, a vacant industrial lab warehouse — into a vibrant, mixed-use community hub. C-PACE financing was used to fund comprehensive energy efficiency upgrades and water conservation systems within the 25,000-square-foot commercial section of the facility, significantly lowering utility overhead for community-based businesses.
C-PACE funds covered the following building improvements:
- High-efficiency HVAC equipment and advanced controls
- Interior and exterior LED lighting upgrades
- Building envelope insulation and roof replacement
- High-performance window replacements
- Low-flow plumbing fixtures and water conservation measures