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DC Green Bank has closed on a $2.6 million pre-development and site acquisition loan to support the construction of a commercial hub in Washington, D.C.’s Ward 5.
The site, located at 1220 Mount Olivet Road NE, will serve as the headquarters for Flywheel Development, a D.C.-based sustainability development company, and help local sustainability-focused businesses, including other solar contractors and developers.
“We are proud to invest in the next phase of growth for Flywheel Development in the pursuit of our shared values,” Jean Nelson-Houpert, DC Green Bank’s interim CEO and chief financial officer, told Commercial Observer. “Financing this groundbreaking project will deliver a national example of sustainable commercial development as well as support the expansion of the clean energy industry right here in the District.”
The planned hub will include rooftop solar panels and a building-integrated photovoltaic façade with a 102-kilowatt capacity, generating 117.3 megawatt hours of energy per year. Additionally, the building will be designed to achieve net-zero on-site energy performance and will exceed the District-mandated stormwater management requirements.
“DC Green Bank continues to be an unwavering partner in realizing our vision at Flywheel Development,” Jessica Pitts, co-founder and CEO of Flywheel Development, said in a statement. “We are thrilled to bring our headquarters to Ward 5 and the Trinidad neighborhood. This project will not only serve the needs of our business, but it will also demonstrate that the District is a national leader in the solar industry and prioritizes delivering benefits to communities.”
Keith Loria can be reached at Kloria@commercialobserver.com.
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