|W Dallas Victory Hotel & Residences First Dallas Building To Be Built Using Cleaner Electricity|
Green Mountain Energy Company, Gatehouse Capital, McCarthy Construction and Victory Park Join Forces for Historic Construction Initiative
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Austin, TX — April 21, 2005 — Green Mountain Energy Company, Gatehouse Capital Corp., McCarthy Construction and Victory have joined forces to build Dallas' first landmark hotel using cleaner electricity. By purchasing Green Mountain Energy® electricity, the W Dallas Victory Hotel & Residences project could help reduce its share of carbon dioxide (CO2) pollution during the construction process. This is the first time a major building in the city has been built using cleaner electricity, underlining cleaner electricity's mainstream acceptance as the economical and responsible source of commercial energy.
The Green Mountain Energy electricity being purchased for the construction of the W Dallas Victory project is cleaner than typical system power in Texas. The construction project will use about 4,500 MWh of power and will help prevent the release of over 674,000 pounds of CO2, a greenhouse gas, into the air — equivalent to not driving approximately 748,000 miles.
"This was a chance to make a very public statement about the responsibility we have to be good community stewards," said Mike McWay, president of McCarthy Building Companies, Inc. "By partnering with Green Mountain Energy to purchase cleaner electricity for the construction of the W Dallas, we not only save money, but we also help support renewable energy."
The W Dallas Victory, slated for opening in spring 2006, will rise 33 stories above Dallas' Victory, one of the country's most innovative master-planned urban developments. The building, located across from the American Airlines Center, home of the Dallas Mavericks and Dallas Stars, comprises 251 hotel rooms and 144 modern luxury residences in two towers.
"We obviously are pleased that our construction partner McCarthy took the initiative to advance our shared environmental and cost concerns," said Marty Collins, president of Gatehouse Capital, which is co-developing the W Dallas Victory with Hillwood, developer of Victory. "The use of cleaner energy from Green Mountain to build the W Dallas Victory supports the redevelopment of a former brownfield site into a thriving urban district. We look forward to similar environmental initiatives from our team here and elsewhere."
"This is another milestone for cleaner electricity initiatives in Texas," said Scott Hart, president of commercial services for Green Mountain Energy Company. "More and more, mainstream companies and organizations understand that corporate responsibility and the economic bottom line are easily achievable through the right partnerships."
By purchasing a cleaner electricity product from Green Mountain Energy Company, McCarthy Building Companies, Inc. is helping to make a difference by increasing the demand for new renewable energy facilities like the Green Mountain Energy® Wind Farm at Brazos.
About Gatehouse Capital
Gatehouse Capital Corp., founded in 1995, is a boutique real estate investment and advisory services firm based in Dallas, Texas. The company is currently engaged in the development/redevelopment of upper up-scale hotels and mixed-use development involving upper up-scale hotels in high barrier, urban and technology markets. It develops these properties with institutional partners. It is intentionally positioned as a "low volume, high margin" firm in which flexibility, speed and its critical core competences are emphasized.
About McCarthy Construction
Founded in 1864, McCarthy (www.mccarthy.com) is one of the oldest privately held construction firms in the nation. The employee-owned firm provides construction management, design/build and general contracting services. More than 60 percent of McCarthy's work is from repeat clients, contributing to the firm's ranking as the 13th largest domestic general contractor (Engineering News-Record, May 2004). McCarthy has managed projects in 45 states and has annual revenues of more than $1 billion with an average project size of under $4 million. With national headquarters in St. Louis, the company has additional offices in Atlanta, Phoenix, Detroit, Las Vegas, Dallas, Newport Beach, San Francisco and Sacramento.
Located in the heart of Dallas, Victory is one of the country's most significant and innovative master planned urban developments. Victory is creating a new urban environment with a carefully crafted collection of emerging and reputation retail, distinctive dining, modern office space, dramatic residential units, hotels and signature entertainment venues including the new American Airlines Center. The Victory vision is being developed by Hillwood. For more information on Victory, go to www.victorypark.com.
About Green Mountain Energy Company
Founded in 1997 to change the way power is made, Green Mountain Energy Company offers residential, business, institutional and governmental customers the choice to support cleaner electricity generated from sources such as wind, solar, water, geothermal, biomass and natural gas. Due to Green Mountain Energy Company's efforts, about 600,000 customers nationwide are purchasing electricity that is significantly less polluting than typical system power. The company is based in Austin, Texas. Green Mountain Energy® and the Green Mountain Energy logo are registered service marks of Green Mountain Energy Company. All other names and trademarks are the property of their respective owners.
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