Enhanced Capital’s Impact Real Estate group is proud to partner with developers IDP Properties and Mainsail Lodging & Development to support the historic renovation, community revitalization, and energy efficiency in downtown Macon, GA. Enhanced Capital provided C-PACE financing to redevelop Hotel Forty Five, the first deal in the Macon-Bibb Urban Development Authority PACE program. The hotel also received financing from Enhanced Capital in 2020 through state Historic Rehabilitation Tax Credits to help transform the 74,000 square foot office building and connected annex building into a full-service boutique hotel currently operating under the Marriott Tribute Portfolio brand.

The redevelopment brought the obsolete office building, vacant since 2018, back in service through remediation of environmental contamination and adaptive reuse of its existing structure, creating commercial activity, nearly 220 construction jobs, and about 90 full-time jobs between the hotel, its restaurants, and various spaces. In addition, the hotel anticipates generating significant annual tax revenue for the city.

“Downtown Macon’s revitalization had incredible momentum heading into the COVID-19 pandemic and we were ready to take the next step with the rehabilitation of an empty high-rise building into a signature hotel, but that was stopped,” expressed Alex Morrison, head of the Macon-Bibb County Urban Development Authority. “We were able to rescue the project and were glad to work with Enhanced Capital to help finance the redevelopment of the hotel. Our goal was to attract new investment and jobs while ensuring a sustainable redevelopment of this historic landmark to minimize the environmental impact and improve the financial footing of the project.”

Incorporated energy savings measures include LED lighting, additional insulation and building improvements, high-efficiency water heaters, building automation, and low-flow plumbing fixtures. These measures anticipate saving 977,000 pounds of CO2 emissions per year and more than 25 million pounds over their 26-year useful life.

“Industrial production of cement and steel are some of the largest contributors to global CO2 emissions,” said Ian McCulley, Director at Enhanced Capital. “By repurposing an obsolete 11-story office tower and bringing it back into productive commerce, the project eliminated the need to produce millions of pounds of heavy building materials that would be required to build a new structure of the same size.”

Originally known as the Bankers Insurance Building, the high-rise was constructed in 1941 and the adjacent 4-story annex building was constructed in 1923. Redevelopment construction started in 2020, and the hotel opened in early 2022. Hotel Forty Five has 94 guest rooms, a full-service restaurant, two bars, and meeting space. The architect for the redevelopment project was Eugene “Gene” Dunwody Jr, grandson of the building’s original architect.