Lone Star PACE helped arrange $40 million in C-PACE financing for the revitalization of ViVa Center, a 2.3-million-square-foot technology hub in Houston, supporting the development of data centers aimed at driving the growth of AI.
The 774,000-square-foot facility at 11445 Compaq Center West Drive is part of the recently rebranded ViVa Center, which was originally the headquarters for Compaq Computer and later acquired by Hewlett-Packard Enterprise. This turnkey data center will cater to hyperscale users in the cloud computing and artificial intelligence sectors.
Financing proceeds will be used to install sustainable building components to Phase 1 of the data center development. Improvements include energy-efficient windows, LED lighting, advanced HVAC systems, and high-efficiency plumbing upgrades.
C-PACE allows property owners to access low-cost, long-term financing for energy and water conservation systems at commercial buildings. Property owners can use C-PACE to finance new construction, building retrofits or recapitalizations.
Nuveen Green Capital served as the capital provider for the project, which involves retrofitting an existing building. Phase 1 is scheduled for completion this fall.
At full build-out, the ViVa Center development will offer 250 megawatts of power, a dedicated chilled water plant and a natural gas pipeline for energy generation.
