Mayfly Nets $1M Investment For New Montrose Headquarters
The company creating an outdoor-focused business park along 1.5 miles of the Uncompaghre River in Montrose has received a $1M investment to support the construction of its new 41K SF headquarters.
Greenworks Lending closed with Mayfly Outdoors, a Colorado-based outdoor-industry investment company, on one of the first new construction projects in Colorado to come through the state’s Commercial Property Assessed Clean Energy program.
“We like this project for a lot of reasons,” Greenworks Lending’s Head of New Markets and Partnerships Genevieve Sherman said. “First and foremost, it’s a great example of how the commercial PACE program in Colorado can be used for ground-up construction.”
Sherman will be one of the speakers at Bisnow's Denver New Construction & Development event Oct. 30.
Greenworks provides C-PACE financing in 13 states and Washington, D.C. It has funded several energy retrofits of commercial buildings around metropolitan Denver. The funding is designed to help building owners access private-sector financing to upgrade or build new structures with energy-efficiency, clean-energy and water-efficiency infrastructure.
Mayfly Outdoors, whose brands include fly fishing companies Abel and Ross Reels, spent two years acquiring 150 acres along the Uncompaghre River where it is developing the Colorado Outdoors business park. The project includes a retail development with a river walk featuring restaurants, cafes and shops. It also could have a residential component, depending on demand in the community.
Colorado Outdoors is expected to create 1,205 permanent jobs over the next 10 years, according to an economic impact analysis conducted by Anderson Analytics. Total annual payroll impact is estimated at $71M, and annual economic output is estimated at $254M. Mayfly’s headquarters building is expected to be completed by the end of the year.