The Cook County PACE Program, administered by the Illinois Energy Conservation Authority NFP (“IECA”), an Illinois tax-exempt 501(c)(3) nonprofit organization, announced that it closed its first project utilizing Commercial Property Assessed Clean Energy (“C-PACE”) financing to support the renovation for of Chicago’s historic Ramova Theatre. C-PACE financing represents $7.4 million or approximately 25 percent of the total $28 million project. 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 a collaboration spearheaded by Chicago-based Our Revival LLC and Baum Revision, in conjunction with local developers, contractors and architects. C-PACE capital covered 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. Twain Financial Partners, an investment management firm with more than $4 billion in assets under management within the public-private partnership sector, was the PACE capital provider.

Once complete, 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. The venue will enhance Bridgeport’s established entertainment presence and provide area schools and community groups with an additional option to host events. To find out more about Cook County’s program, go to www.cookcountyil.gov/service/clean-energy-cpace-program.