EnergyWorks to Finance Energy-Efficient Upgrade at Historic Commercial Property in Center City Philadelphia

The Goldman Properties Company Among First Philadelphia-Area Development Firms to Apply EnergyWorks Funds to Energy-Saving Improvements

PHILADELPHIA, PA, September 13, 2011 — EnergyWorks, Greater Philadelphia’s one-stop resource for commercial and residential energy improvements, today announced the approval of a $1.04 million loan to The Goldman Properties Company for large-scale energy-saving renovations at an 18-story commercial property in Center City Philadelphia. The ten-year loan, issued at a fixed interest rate of 4%, will be used to replace 1,290 single-pane wooden windows with double-hung, energy efficient, aluminum windows at The Philadelphia Building, located at 1315 Walnut Street in Philadelphia. The upgrade, when compared to the old windows, will result in a 60% decrease in thermal energy consumption and save almost $71,000 in utilities. This represents a 13% savings in the utility bill. The 200,000 square-foot brick-and-masonry Beaux-Arts office building, designed by Horace Trumbauer, serves as an unofficial business incubator for start-up entrepreneurs in creative fields such as architecture, graphic design and fashion.

Tony Goldman, founder and CEO of The Goldman Properties Company, said, “Tenants in The Philadelphia Building are cutting-edge entrepreneurs who are engaged with the city and committed to contributing to its productivity, sustainability and livability. It’s important to provide them with an energy-efficient work environment that speaks to their vision of our region’s future. EnergyWorks allows me to do that simply and inexpensively.”

This project represents one of the first commercial loans awarded by EnergyWorks, a comprehensive energy-solutions program for owners of residential and commercial properties. The program is managed by the Metropolitan Caucus, a coalition of Commissioners and Councilmembers from Bucks, Chester, Delaware, and Montgomery Counties and the Mayor of Philadelphia and is supported by a grant from the U.S. Department of Energy’s Better Buildings Program.
Mayor Michael Nutter noted, “When we released our Greenworks plan for the city, we made some big promises to reduce our energy use and greenhouse gas emissions while creating jobs at the same time. The EnergyWorks program is doing just that. Goldman Properties has made the smart choice to invest in Philadelphia by implementing a project that will save energy and improve the work environment for creative industry employees in The Philadelphia Building.”

The commercial component of EnergyWorks, administered in conjunction with The Philadelphia Industrial Development Corporation and The Reinvestment Fund, provides expert assistance, energy assessments, and low-interest loans to facilitate energy renovations that result in energy reductions of 25% or more. Financing includes construction loans, term loans, and lease financing. The typical interest rate on an EnergyWorks commercial loan can be as low as 3.5%. In addition to providing low cost financing, EnergyWorks helps connect applicants with energy assessment services provided by Practical Energy Solutions. EnergyWorks will support up to 75% of the cost of an energy assessment.  EnergyWorks is actively seeking applications for projects in the suburban counties, as well as for projects in Philadelphia.

Emphasizing the importance of the regional approach, James R. Matthews, Chairman of the County Commissioners of Montgomery County, said, “EnergyWorks made the Ambler Boiler House project happen, simple as that. This is a great example of the kind of progress we can make when we look past political boundaries and cooperate as a region.”

As a national leader in the adaptive reuse of urban buildings, the family-run Goldman Properties Company has been instrumental in transforming the blocks that connect Philadelphia’s vibrant convention and office district to its diverse residential neighborhoods. The firm was also a major force in reviving Manhattan’s SoHo district and the art deco South Beach section of Miami.
For more information on The Goldman Properties Company, visit http://www.goldmanproperties.com.

To learn more about EnergyWorks’ programs for commercial, industrial and residential property owners may call (215) 496-8161 or visit http://www.energyworksnow.com

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