Former Dominion Energy tower in downtown Richmond to be converted into hotel, restaurant and apartments

RICHMOND, Va. (WRIC) -- The first project in Richmond's Commercial Property Assessed Clean Energy (C-PACE) program will redevelop the former Dominion Energy tower into a hotel, restaurant and apartments.

According to a city spokesperson, through C-PACE, eligible property owners can finance energy efficiency, renewable energy, flood proofing, and other projects on their property through a fixed-rate loan that is placed as a lien on their property tax assessment.

Richmond was reportedly the 9th local government in Virginia to officially launch the program.

The city said the program supports energy efficiency and sustainable redevelopment, reduces upfront cost barriers and aligns repayment with long-term building performance.

According to the city, the first local project in the program will transform a major block of downtown Richmond through the redevelopment of the former Dominion Energy tower at 707 E. Main St.

The lower floors of the tower will be converted into an AC Hotel by Marriott, with the upper floors converted into apartments. The city said the ground floor will feature the AC Lounge, a restaurant open to the public.

The city's C-PACE program runs in partnership with the Virginia PACE Authority and the Virginia Department of Energy.

"C-PACE connects sustainability goals with real-world investment," said Laura Thomas, director of the city’s Office of Sustainability, in a press release. "This program supports the Mayor’s vision for thriving neighborhoods, sustainable infrastructure, and an inclusive economy by helping property owners improve building performance, reduce environmental impact, and contribute to long-term community vitality."