Eastern Light project seeks C-PACE financing; city expects vertical construction next October
Summary
City staff said Eastern Light is pursuing C-PACE financing and plans to begin vertical construction around October, with Gray Ohio (a Grama Construction subsidiary) slated as the builder and an operational target in the second quarter of 2028, contingent on setbacks.
City staff told the council that the Eastern Light development team plans to use C-PACE financing to support clean-energy and efficiency measures and that vertical construction is expected to begin around October.
“They're looking at an October timeline to begin vertical construction,” the presenter said, adding the developer will use Gray Ohio, a subsidiary of Grama Construction. The presenter framed C-PACE (commercial property assessed clean energy) as a financing tool the city and county can leverage for clean-energy projects: “CPACE is a type of financing that is available in a district or a county…you can actually leverage some value there of the property in order to be able to leverage financing and spread that term out.”
The presenter noted the timeline and outcomes are contingent on permitting, financing and winter-season setbacks and said staff will present CPACE and related options to the appropriate fiscal court and stakeholders as the developer advances design and approvals.
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