Mayfly Outdoors, owner of the Abel and Ross reel brands, will move into a new multi-million dollar headquarters and manufacturing centre by the end of this year. The 41,000 square foot facility in Montrose, Colorado will include manufacturing space for both brands and will accommodate the company’s 50 employees.
It is envisioned as an anchor point for the town’s Colorado Outdoors project, a new $80 million business park, river restoration and wildlife access project. The move, announced yesterday, follows an agreement between Mayfly and Greenworks Lending, a leader in Commercial Property Assessed Clean Energy (C-PACE) financing.
Greenworks’ $1million investment will help to develop the new building, which more than doubles Mayfly’s current floor space in Montrose and California. Mayfly is spending $7.5 million, which it is funding through existing capital and a $5.5 million loan. “There was a need for more of a destination manufacturing facility,” said Mayfly President David Dragoo. “That’s become a more important thing. There is no room to grow in either of our current locations.
“It is great to find a partner in Greenworks who aligns well with our vision. We are a leading manufacturer of outdoor products and our new world-class facility will reflect this standard, both inside and out. “Every feature has been carefully considered to make the building a clean, energy-efficient facility, but also attractive looking,” added Dragoo.
The project marks one of the first ground-up construction projects in Colorado to come through C-PACE. The programme allows developers to use C-PACE funds for up to 20% of their construction budgets for property elements that meet or exceed the state’s energy and water efficiency standards.