Texas PACE Authority is proud to support an innovative new development in Garland, Texas, where sustainability, performance, and premium design come together. With financing provided by Nuveen Green Capital and ownership by Garages of America, this new construction project demonstrates how TX-PACE can support nontraditional commercial real estate while delivering measurable energy savings.

Located along the President George Bush Turnpike in Dallas County, the project consists of 71 luxury garage condominiums and 10 flex condominiums, purpose-built for high-end vehicle storage, personal workshops, and enthusiast use. These are not ordinary garages, they are thoughtfully designed, individually owned spaces that meet the expectations of discerning owners while exceeding modern energy standards.

 “Garages of America has been fortunate to have financed three mixed-use development projects to date utilizing TX-PACE as part of the Capital solution. The Garland-Firewheel project would not have happened without this energy efficient method of construction design to control costs” said Fred Gans, President & Founder, Garages of America. 

High-Performance Design from the Ground Up

From the outset, Garages of America prioritized energy efficiency in the building design. TX-PACE financing supported a comprehensive package of eligible improvements, including:

• Enhanced building envelope upgrades (walls, roofing, windows, and doors)
• Interior and exterior LED lighting systems
• High-efficiency HVAC systems
• Water-saving domestic hot water fixtures

Together, these improvements are projected to reduce electricity consumption by approximately 24.6% and water use by more than 30%, compared to baseline code requirements. The project achieves a strong Savings-to-Investment Ratio (SIR) of 2.9, reinforcing the long-term value of investing in performance-driven infrastructure 

TX-PACE as a Strategic Capital Solution

The project leveraged $13.48 million in TX-PACE financing as part of a $34.1 million total development cost, enabling the owner to fund efficiency improvements with long-term, fixed-rate capital that stays with the property. As with all TX-PACE transactions, repayment occurs through a voluntary property assessment, aligning costs with realized savings over time.

This structure is particularly well-suited for condominium and flex-use developments, where durability, operating cost predictability, and asset value are critical considerations.

Sean Ribble, Senior Director of Originations for Nuveen Green Capital, said, "We were proud to provide C-PACE financing, administered through the Texas PACE Authority, for this innovative, energy-efficient property, which will provide an exciting new storage option for owners of high-end automobiles. It's gratifying to see C-PACE's flexibility at work in funding a unique asset like Garages of America in Dallas County, while also providing the Sponsor with significant savings."

Expanding the Boundaries of What TX-PACE Can Do

Projects like Garages of America highlight the versatility of TX-PACE as a financing tool, not just for office, multifamily, or industrial properties, but also for specialty and enthusiast-driven real estate. Dallas County’s continued participation in the TX-PACE program allows developers and owners to pursue innovative projects while meeting community goals around energy efficiency and responsible growth.

We are grateful to our partners at Nuveen Green Capital, Dallas County PACE, and Garages of America for their collaboration and commitment to high-performance development.

As TX-PACE continues to evolve, we look forward to supporting more projects that combine creativity, quality construction, and smart energy investment across North Texas and beyond.

About Texas PACE Authority (TPA)
Texas PACE Authority (TPA) is the nonprofit administrator for more than 100 local TX-PACE programs across Texas. TPA helps commercial, industrial, and multifamily property owners access long-term, fixed-rate financing for energy, water, and resiliency upgrades that reduce costs, improve building performance, and strengthen communities. Working alongside cities, counties, lenders, and contractors, TPA has facilitated more than $600 million dollars in new private investment statewide.