Lone Star PACE, a leading administrator of Texas C-PACE programs, alongside Nuveen Green Capital, a leader in sustainable commercial real estate financing solutions, is proud to announce ViVa Center was named Green/LEED Development of the Year at the 2025 RedNews Houston CRE Awards.
The landmark project — financed in part by a $60 million Commercial Property Assessed Clean Energy (C-PACE) assessment — was the first data center in the U.S. to leverage C-PACE financing. Funded by Nuveen Green Capital and administered by Lone Star PACE, the assessment helped support energy-efficient and water-conservation systems at the innovative mixed-use campus, developed by VivaVerse Solutions.
The award was presented at the RedNews annual awards ceremony on August 7, which honors the most impactful, sustainable and visionary commercial real estate projects across the Houston region.
Glenn Silva, COO of Lone Star PACE, said: “ViVa Center represents the cutting edge of what C-PACE can achieve. Not only did it deliver a highly efficient, future-ready asset, but it also set a national precedent for using C-PACE to reduce the resource footprint of one of the most resource-intensive property types. We’re honored to work alongside Nuveen Green Capital and ViVaVerse Solutions to bring this transformative project to life, and we’re thrilled to see RedNews recognize its impact.”
The ViVa Center project demonstrates how C-PACE can help finance substantial sustainability measures in even the most power- and water-intensive developments. By leveraging long-term, fixed-rate C-PACE capital, the property owner will improve operating efficiency, lower utility demand and futureproof the asset, all while reserving capital for other needs.
Sean Ribble, Senior Director of Originations at Nuveen Green Capital, said: “We are thrilled that the landmark ViVa Center project and financing were honored at the Houston REDNews Awards. This energy-efficient property is a shining example of how an older building can be reimagined for an exciting new use such as a data center. As an increasing number of owners and developers recognize the value of C-PACE, this award underscores how it can be leveraged for sustainable construction, while enabling a Sponsor to realize significant savings.”
C-PACE financing allows developers and property owners to optimize their capital stacks with long-term, fixed-rate funding that fills a unique role alongside senior debt and equity. Utility reductions from C-PACE-eligible improvements are expected to save the property owners at ViVa Center more than $3.5 million over the course of the financing’s 30-year term.