GCP energy auditors recently conducted a comprehensive building energy audit of the Agora apartment building for its new owners, Agora RS Partners, LLC. The audit was conducted to assist the owners in identifying opportunities for savings, energy efficiency, and overall recommendations to enhance the building.
The Agora is primarily a 4-story building located at 5000 Euclid Ave., Cleveland, OH. Originally constructed around 1925, the building comprises approximately 56,540 square feet. The facility is a multi-use facility that primarily incorporates apartment, office, office, office, and restaurant spaces.
Out of the many energy conservation measures (ECM’s) considered, 13 rose to the surface as candidates for implementation. If all ECMs are implemented, the facility can expect to reduce electricity consumption by 22% and natural gas consumption by 8%. This would produce an annual operational savings for a combined $35,338 of utility and operations and maintenance expenditure reduction.
The Agora complex has been recognized in recent years as a National Heritage Property. The Agora complex includes the "Agora Theater" structure and the “Office @ the Agora” office building.
Recently, the theater structure was purchased by AEG Productions and has
been restored to its former glory. The rest of the complex (the office buildings
and the parking lot) is owned by Agora RS Partners, LLC.
Additionally, the GCP energy procurement advisors, World Kinect Energy assisted the team with locking in the best rates for both electric and natural gas to more effectively manages utility costs.
Parties are exploring PACE Financing as part of the capital stack to renovate this historic building.
The Agora RS Partners believe that after being recognized as one of America's top-ranked
“Opportunity Zones”, and other federal and local tax incentives for developers, Midtown Cleveland is the place to invest. And to invest, requires investment and doing the right thing for the building. Making it energy efficient, and that starts with an energy audit. A multi-phase renovation will include offices, residential and common areas over the next couple years.
GCP’s energy team continues to work closely with the Agora RS Partners to connect them to additional energy management resources such as sizing for the right backup generator, linking to contractors, and identifying available incentives to support the project.