A formal groundbreaking event was held for the symbolic start of the renovation of the Wilson Building in downtown Clinton. The Rock Island Growth Corporation is leading the effort to turn the building into 33 upper floors rental units and the ground floor into business incubator space – hear the comments from the organization CEO Brian Hollemback
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-formal statement from the company including link for more information-
Rock Island Economic Growth Corporation d/b/a Economic Growth Corporation (GROWTH) broke ground today on the Wilson Lofts, a $13.88 million mixed-use redevelopment of the historic Wilson Building in downtown Clinton, IA.
The Wilson Lofts development includes the creation of 33 residential rental units offering two-story, townhome type apartments, lofts at 504 square feet, and 1- and 2-bedroom rental units from 660 to 1,330 square feet. 26 units are designated at market rate, and 7 units are designated as workforce housing for those earning up to 80% of the Area Median Income.
The ground floor will boast two commercial incubators: Makers on 5th, a retail/business incubator designed to help start-up retailers and entrepreneurs; and Clinton Culinary, kitchen incubator, providing a commercial kitchen and incubator spaces for start-up culinary businesses.
The development team for the Wilson Lofts are as follows:
– Economic Growth Corporation, Developer
– Bush Construction, General Contractor
– RDG Planning and Design, Architect
– Home Base Property Management, LLC, Property Management
– Applegate & Thorne-Thomsen, Attorney
“The groundbreaking for the Wilson Building is a true celebration of what can be accomplished through the determination of the development and transaction teams that got the Wilson Lofts to the closing table,” says Brian Hollenback, President/CEO. “It took 7 years of many ups and downs, but the groundbreaking today represents the full revitalization and redevelopment of the Wilson Building, reigniting the ground floor into two business incubators for entrepreneurs and redeveloping the upper floors into 33 apartments for new residents. It is the complete package representing new investment, new resources, and new opportunities for this historic, iconic building in downtown Clinton. It is truly catalytic.”
“The City of Clinton is extremely excited to see the Wilson Building come back to life. This majestic historical building rising up over 5 stories with full view of the Mississippi River, just putting an exclamation mark on all the great growth the Downtown has seen the last several years,” says Mayor Scott Maddasion.
“We are all overjoyed not only for the 33 apartments but more importantly the incubator for start-ups; and Clinton Culinary, kitchen incubator, providing a commercial kitchen and incubator spaces for start-up culinary businesses that will enhance the downtown rejuvenation,” says Self-Supporting Municipal Improvement District (SSMID) Director Karen Rowell.
“This gives the Clinton residents and those moving to our great City the ability to live in a thriving downtown and truly state ‘Going Places Living in Clinton Iowa’ in addition, the persistence of Economic Growth Corporation, the City Council Members, the SSMID, along with the Iowa Economic Development Authority (IEDA) truly shows that teamwork and belief can led to wonderful things,” says City Administrator Matt Brooke.
The complex transaction includes funding by the City of Clinton, Downtown Clinton Alliance, Iowa Economic Development Authority, and members of the transaction team which includes Applegate Thorne-Thomsen, Bush Construction, RDG Planning and Design, US Bank, Urban Action Community Development, IH Mississippi Valley Credit Union, BankORION, American Bank & Trust, Enhanced Capital, and Clock Tower Tax Credits.
GROWTH’s extensive experience using innovative, complex financing was well demonstrated with the Wilson Lofts closing. Over 11 layers of financing make up the $13.88 million capital stack including:
- Federal New Market Tax Credits by Urban Action Community Development
- Federal Historic Tax Credits from the National Park Service
- Tax Increment Financing from the City of Clinton
- Brownfield/Grayfield Tax Credits from the Iowa Economic Development Authority
- Downtown Revitalization Grant by the Iowa Economic Development Authority through the City of Clinton
- Self-Supported Municipal Improvement District 2 (SSMID) from the Downtown Clinton Alliance
- Private debt by: o IH Mississippi Valley Credit Union
o BankORION
o American Bank & Trust
- Deferred developer fee
The eleventh layer of financing is pending with the State Historic Tax Credit application that is pending with the Iowa Economic Development Authority.
Pre-applications are available for those interested in living or opening a business within the Wilson Lofts by visiting www.Wilson-Lofts.com.
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