The Cook County PACE Program, administered by The Illinois Energy Conservation Authority NFP (“IECA”), an Illinois tax-exempt 501(c)(3) nonprofit organization, announced today it closed a Commercial Property Assessed Clean Energy (“C-PACE”) financing for Chicago’s historic Ramova Theatre, totaling $7.4 million in funding.
The Ramova Theatre is located at 3510-3520 South Halsted Street in the heart of Chicago’s Bridgeport neighborhood. Built in 1929, the 36,000-square-foot property has remained vacant since 1985. Renovation of the site is led by Chicago-based Our Revival LLC and Baum Revision, in collaboration with local developers, contractors and architects. C-PACE capital for the $28 million project will cover renovations that increase the thermal performance of the historic building envelope, upgrades to energy efficient HVAC systems, LED lighting, hot water systems and low flow fixtures.
“I’m thrilled that Cook County is leveraging this program to renovate and improve an important community resource like the historic Ramova Theatre. C-PACE has allowed us to bring this neighborhood treasure back to life,” stated Cook County Board President Toni Preckwinkle. “This program is not only cost-efficient – it also represents a vital step forward in creating a more equitable Cook County. By building vibrant, sustainable, and inclusive communities where people want to live, learn, work, play, and grow, everyone ends up better off. And I look forward to more property owners throughout Cook County taking advantage of the C-PACE Program.”
Rich in history, art and culinary attractions, Bridgeport is home to the Chicago White Sox Guaranteed Rate Field, Bridgeport Arts Center, Zhou B Arts Center, local parks and a variety of neighborhood and acclaimed restaurants. The restored Ramova Theatre will feature a 1,600-seat ground level auditorium with additional balcony-level seating, a theater grill and an adjacent brewery and tap room. In addition to enhancing Bridgeport’s entertainment presence, the venue will provide local schools and community groups an additional option for events.
“Cook County passed C-PACE legislation in early 2021 and became the fourth Illinois region to sign on with the IECA,” said Mark Pikus, president of IECA. “We are excited to continue our relationship with the County and be a part of this momentous project in one of Chicago’s oldest neighborhoods.”
Twain Financial Partners, an investment management firm, was selected as the PACE capital provider.