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A first-of-its-kind, automated parking garage coming to downtown Raleigh is moving forward with financing support from a program administered by the Economic Development Partnership of North Carolina.
The program, known as the Commercial Property Assessed Capital Expenditure (C-PACE) program, allows property owners to finance eligible energy, water, and resiliency improvements with long-term, fixed-rate financing tied to the property.
“A significant barrier to these types of upgrades is often the upfront cost,” said Larry Price, director of finance for the EDPNC. “Through the C-PACE Program, projects can move forward with low upfront investment and repay costs over time through long-term financing, which can often be offset by operational savings.”
PACE Loan Group – which originated the financing on behalf of the project’s developer, Capital City Urban Development – closed a $13.5 million financing package that will support eligible components of the project, a 228-car automated parking garage in Raleigh’s Gateway District. Construction is expected to begin this month, with completion scheduled for December.
The facility will feature EV charging capability at each vehicle platform and will be fully automated using a system designed by AUTOParkit.
Drivers will access the garage by pulling onto a loading platform, exiting their vehicle, and using a kiosk to initiate an automated system that stores the car, like an elevator for cars. When returning, drivers can retrieve their vehicle through the same kiosk system.
North Carolina’s C-PACE program offers long-term private financing for commercial property improvements related to energy efficiency and water conservation. Counties and cities across the state may opt into the program – Raleigh joined in December 2025 – enabling property owners to use the C-PACE Program for financing qualifying infrastructure improvements.
“The C-PACE Program is a valuable tool for property owners across North Carolina to make upgrades that might not otherwise be feasible,” said North Carolina Sen. Michael Lee, who served as lead sponsor of the legislation that brought the program to the state. “Since its launch, we’ve seen strong interest from communities statewide and expect many more projects to move forward using this financing.”
Local governments interested in participating in the C-PACE Program can learn more at edpnc.com/nc-cpace/.
Media contact
Evan Hoopfer
Senior Communications Manager
984.351.4936
C-PACE Program contact
Larry Price
Director of Finance
919.906.1406