DC Green Bank says it has closed a $2.6 million pre-development and site accquistion loan to Flywheel Development to support the development of a sustainable commercial hub in the Trinidad neighborhood of Ward 5.
Commercial Observer (CO) reported the project site is at 1220 Mount Olivet Road NE.
“The site will serve as the headquarters for Flywheel Development as well as space to bolster emerging local sustainability-focused businesses, including other solar contractors and developers,” the bank said in an April 4 statement. “This project showcases several noteworthy design components aimed at achieving superior energy efficiency and environmental performance.”
The commercial hub will include rooftop solar and a building-integrated photovoltaic façade with a 102-kW capacity, generating 117.3 MWh of annual energy. The building will be designed to achieve net-zero on-site energy performance and will exceed the District-mandated stormwater management requirements as well. The project is slated to pursue passive house standards, further enhancing its energy efficiency and sustainability.
“We are proud to invest in the next phase of growth for Flywheel Development in the pursuit of our shared values,” Jean Nelson-Houpert, Interim Chief Executive Officer and Chief Financial Officer at DC Green Bank, said in the news release. “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.”
“DC Green Bank continues to be an unwavering partner in realizing our vision at Flywheel Development,” said Jessica Pitts, co-founder and CEO of Flywheel Development. “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.”