BrandsMart to fund $2 million store retrofit with PACE financing

BrandsMart USA is giving its store in West Palm Beach, Florida, a comprehensive energy-efficient retrofit without tapping into its own capital.



The chain is the recipient of low-cost financing for the retrofit through the Florida Green Energy Works Program. BrandsMart received $2.225 million from a private investor for the project, which will include new HVAC systems, energy-efficient lighting and a new roof.



The upgrade will be managed by ABM, one of the largest U.S. facility management services providers. It is the largest PACE (Property Assessed Clean Energy) project on the East Coast this year and the largest ever in Florida and the broader Southeastern United States.



"This is a win-win for BrandsMart USA and our valued customers," said Lary Sinewitz, executive VP, BrandsMart USA. "We selected ABM to make these critical infrastructure upgrades because of their proven track record as an industry leader in the energy services business and their ability to assist us through the financing aspect of the Florida Green Energy Works Program."



"We view PACE as a critical component of our growth strategy for Florida," added Mary-Suzanne Powell, general manager ABM Building and Energy Solutions. "We are proud of our partnership with BrandsMart, appreciative of the City of West Palm Beach for their foresight in supporting the Florida Green Energy Works Program and we will continue to seek ways to help BrandsMart and all of our clients improve the value of their property, increase net operating income, and energy efficiency without tapping into their own capital."



The City of West Palm Beach was one of the first cities in Florida to join a PACE Program. The goal of the program is to create jobs and increase investment in "green" projects that reduce energy use. According to PACENow, similar programs around the U.S have funded $123 million for 335 building upgrades creating an estimated 1,680 jobs.