Ontario Construction News staff writer
The Canada Infrastructure Bank (CIB) and Modern Niagara Group Inc. have announced a plan to retrofit 945 Princess St. in Kingston. CIB will contribute $25 million in financing to retrofit a 220,000 sq. ft. commercial building.
Work is underway and construction is expected to be completed by 2024.
“We are proud to provide tailored financing solutions to organizations, municipalities and businesses across Canada, helping them advance their green projects and meet their sustainability targets,” CIB CEO Ehren Cory said in a statement.
“Not only will this partnership with Modern Niagara result in significant carbon reductions, it will advance the creation of an innovation hub in Kingston that will attract jobs and prominent tenants to the community for years to come.”
Upgrades on the building will reduce carbon emissions by more than 80 per cent or approximately 2,000 tonnes annually. Replacing the building’s existing fossil-fuelled heating system with electrified systems such as heat pumps and enhancing its operation control system and insulation will help transform this building from the 1940s into a leading energy efficient and sustainable innovation hub.
The greener and future proof facility to attract prominent tenants, the CIB’s investment supports 945 Princess Street’s green initiative. It also supports the city’s goal to reduce carbon emissions in the region, while advancing economic opportunities.
“We are looking forward to partnering with the Canada Infrastructure Bank to support our clients becoming greener and moving towards net-zero carbon buildings,” said Brad McAninch, chief executive officer, Modern Niagara Group Inc. “This investment will help our client at 945 Princess Street achieve their sustainability goals more quickly and efficiently.
“We are passionate about building sustainability, and in 2022 alone, we are committed to reducing our carbon footprint from the energy consumption of our corporate office buildings in Ontario by 30%, based on 2019 benchmarks. We are excited to continue offering our clients carbon reduction solutions to help them meet their building sustainability objectives.”
Modern Niagara helps building owners, managers, and general contractors achieve their objectives by developing custom, turnkey solutions that meet the mechanical, electrical, integrated building technology, and building services needs of their properties across Canada.
Through its Building Retrofits Initiative, the CIB has committed more than $800 million toward building energy retrofits.