CLINTON, IA – Economic Growth Corporation (GROWTH) is pleased to announce that a ribbon cutting ceremony for the Wilson Lofts will be held on Monday, March 20, 2023, at 12 p.m. The ceremony will take place at Wilson Lofts, 217 5th Avenue S, downtown Clinton, IA. Following the ribbon cutting, a community open house is planned from 1-4 p.m. where the public is invited to tour the development.
“Through the commitment of our board of directors and many partners, I am proud to announce the ribbon cutting and grand opening date for the Wilson Lofts,” Brian Hollenback, President/CEO for GROWTH said. “Through a global pandemic, supply chain shortages, and so many other challenges, the road to completion has had many bumps. But those challenges have only served to push our team even harder to get us to the finish line. We believe the Wilson Lofts is something the entire community can be proud of.” Hollenback continues, “For over nine years, I, along with the entire GROWTH team, have put our entire hearts into the Wilson Lofts. I cannot thank everyone enough for their commitment, and to our board, past and present, who over the course of many years made brave, bold decisions to see this catalytic project through. This is a celebration for everyone,” he said.
GROWTH’s team members involved include Cindy Berg, CFO; Andrew Fisher, Construction Director; Carey Jorgensen, Director of Property Management for GROWTH and Home Base Property Management, LLC; and Beth Payne, Senior Vice President. Brian Hollenback, President/CEO oversaw the project from concept in late 2013 to its completion in 2023.
The development team for Wilson Lofts includes:
Economic Growth Corporation, developer
Applegate & Thorne-Thomsen, legal
RDG Planning & Design, architect
Bush Construction, general contractor
Home Base Property Management, LLC, property manager
The former offices in the Wilson Building’s upper stories are completely transformed into 33 new residential apartments ranging from two-story, townhome type apartments, lofts from 975 to 1,275 square feet, and 1- and 2-bedroom rental units from 483 to 1,224 square feet. 26 units are designated at market rate, and 7 units are designated as workforce housing for those earning 80% of the Area Median Income. Rents range from $800-$1,375/mo.
The ground floor commercial space was developed into two different uses. The front half facing 5th Avenue South was redeveloped into two business incubators: (1) Clinton Culinary, a kitchen incubator providing incubator spaces for start-up culinary businesses and (2) Makers on 5th, a retail/business incubator designed to help start-up retailers and entrepreneurs. The rear half facing 6th Avenue South was redeveloped into 7 townhome-type apartments with their own individual entrances.
Total investment exceeds $15.6 million. The development attracted over 12 layers of complex financing to make up the capital stack and includes Federal New Market Tax Credits, State Historic Tax Credits, Federal Historic Tax Credits, Tax Increment Financing from the City of Clinton, Brownfield/Grayfield Tax Credits, Downtown Revitalization Grant by the Iowa Economic Development Authority through the City of Clinton, and private debt by IHMVCU, BankORION, and American Bank & Trust. Additional support includes Self-Supported Municipal Improvement District 2 funds from the Downtown Clinton Alliance and grant support by the Clinton County Development Association made possible through the Gateway Area Foundation/ Grow Clinton.
Wilson Lofts has a wait list exceeding 100 potential residents interested in being the first to call it home. Home Base Property Management, LLC, Wilson Lofts’ property management company, is currently accepting applicants for its wait list for an April 2023 move in. To start the process, individuals can complete a pre-application by visiting www.Wilson-Lofts.com or www.HomeBasePM.com and click “apply now.” Applications can be mailed upon request by calling 563-212-5744. A property management office is also on-site and will open once a property manager is hired. The hiring process is underway for a property manager that will be hired on a temporary full-time basis to show units and help with the initial lease up. Once the property is leased up, the position will become part-time.
About Economic Growth Corporation
Economic Growth Corporation (GROWTH) is a community-based development organization committed to the revitalization of underserved communities throughout the nation. As a 501(c)3 non-profit, GROWTH is a mission-driven organization with over 40 years’ experience in community and economic development working to enhance the overall image and economic vitality of communities in need of jobs, investment, and housing.
GROWTH is a pioneer and expert of mixed-use and mixed-income projects that provide housing that is affordable while building dynamic housing markets. GROWTH has a demonstrated ability to package multiple sources of financing and funding sources to transform challenging projects into financially feasible ventures. To date, GROWTH has developed 351 units of multifamily, rental housing. The Wilson Lofts marks GROWTH’s first multifamily development completed in Iowa. For more information on GROWTH, please visit https://www.economicgrowthcorporation.com/.
Economic Growth Corporation and Home Base Property Management, LLC are Equal Opportunity Providers.
