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
$168,942
Annual energy savings
1,507 Mt
Annual avoided carbon emissions
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