5th and Spring Garden

Financing Amount: $40,000,000

Property Summary:

On February 28, 2023, the Philadelphia Energy Authority, Nuveen Green Capital and Spring Philadelphia Owner, LLC closed on C-PACE financing for energy efficiency and water conservation measures to be installed during the construction of a new 329-unit multifamily property with ~14,000 SF of retail  located at 416-438 Spring Garden Street a/k/a 499 North 5th Street. 

The planned development is located in the Callowhill neighborhood of Philadelphia. It will be a 10-story brick and glass construction and as-designed is expected to be 30% more energy efficient than required by Philadelphia’s building energy code.

The energy survey was prepared by EE Consultants LLC.