The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
November 20, 2017
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



PROPERTY MANAGEMENT NEWS
Printer-friendly Version   Email an Associate
Community Preservation Partners Agrees to Below-Market Lease with SolarCity for Solar Power Installation at Colton Property

10/24/16

Community Preservation Partners (CPP) has agreed to lease 2.2 unused acres at its Arbor Terrace Apartments affordable housing community in Colton to SolarCity at a below-market rate for the installation of a solar power system. The project on CPP’s land will enable the city to pay less for emission-free renewable electricity than it currently pays for electricity generated by fossil fuels.

Under the agreement, which recently closed, CPP and its nonprofit partner, Jamboree Housing, agreed to a below-market lease for the property in order to aid the City of Colton and the Colton Electric Utility in their efforts to provide renewable sources of power to residents.

CPP completed a renovation at Arbor Terrace in September 2014. The project included about $4.5 mil in improvements such as:

• New kitchens and bath with granite countertops in each of the units
• New vinyl plank flooring, carpet, paint and water efficient fixtures
• Concrete repair, and accessibility improvements for disabled individuals in the parking lot
• Upgraded building façade, irrigation and a drought-tolerant landscaping plan
• Energy improvements, including new Energy Star appliances, windows and roofing
• Upgraded office and security equipment, including lighting and cameras
• Laundry room upgrades
• Centralized satellite system

“Our efforts to revitalize apartment homes and enhance the lives of our residents extend beyond that of the physical enhancements we make to the homes we redevelop; we make a larger difference by working with cities to provide a benefit that extends to the broader community at large,” said Anand Kannan, president of CPP, which owns more than 4,600 affordable housing units across the nation. “This is a prime example of a creative way CPP has found to help cities and the broader communities accomplish their goals by aiding in the ability for clean energy to be generated on our underutilized land or rooftops.”

In addition to the solar project, a neighboring project will bring a total of more than 2,400 solar panels to the roof and parking lot of the nearby Gonzales Center community facility. Together, the solar power systems will provide renewable electricity to the city-owned Colton Electric Utility, which provides power to more than 18,000 residential, commercial and industrial customers.

Through a power purchase agreement, the city will pay SolarCity only for the clean electricity it generates at the two sites. SolarCity will design, install, insure, monitor and maintain the systems throughout the 20-year agreement.






Return to the Archive page
Parking Concepts Inc

 
 
 
IREM OC 2012 Conference

 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2017 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media