Wilson Lofts to be redeveloped in downtown Clinton
Rock Island Economic Growth Corporation, d / b / a Economic Growth Corporation (GROWTH) has “a proven track record as a mission-driven owner / developer” with the closing of a $ 13.88 million financing to redevelop the ‘historic Wilson Building in downtown Clinton, news says the liberation.
A revolutionary date will be set for mid-June.
The Wilson Lofts development includes the creation of 33 residential rental units ranging from two story townhouse style apartments, 504 square foot lofts and one and two bedroom rental units from 660 to 1330 square feet, with 26 units designated on the market. rate, and seven units designated as labor dwellings for those earning 80% of the region’s median income.
The ground floor will host two business incubators: Makers on 5th, a retail / business incubator
designed to help start-up retailers and entrepreneurs; and Clinton Culinary, a kitchen incubator, providing commercial kitchen and incubation spaces for start-up culinary businesses.
“It is thanks to the remarkable work of the development and transaction teams who have worked successfully
through a complex funding structure that has brought us to this day, ”said Brian Hollenback, President and CEO.
“We are grateful for the unwavering support of so many and share the excitement of what is to come. The Wilson Lofts is a catalytic development, and we are extremely proud to announce that
construction will begin in June. “
“The Town of Clinton is extremely excited to see the Wilson Building come to life. This majestic
5 story historic building with full view of the Mississippi River, just put a
a mark of explanation for all the great growth that the city center has experienced in recent years ”, declares the mayor
“We are all delighted not only with the 33 apartments, but above all with the start-up incubator; and Clinton Culinary, a kitchen incubator, providing commercial kitchen and incubation spaces for start-up culinary businesses that will enhance downtown rejuvenation, ”said Karen Rowell, director of the Self-Supporting Municipal Improvement District (SSMID).
Since December 2013, GROWTH has been working to overcome obstacles to achieve closure. The complex transaction was made possible by the dedication and support of many partners, including the City of Clinton, the Downtown Clinton Alliance, the 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 Credits.
Over 12 levels of funding make up the $ 13.88 million capital stack and include New Market Tax Credits, Historic State Tax Credits, Historic Federal Tax Credits, Funding By tax increase
of the City of Clinton, Brownfield / Grayfield Tax Credits, Downtown Revitalization Grant from the Iowa Economic Development Authority through the City of Clinton, Autonomous Municipal Improvement District 2 (SSMID) of the Downtown Clinton Alliance, IHMVCU Private Debt, BankORION, and American Bank & Trust S. A new website, www.Wilson-Lofts.com is underway where progress updates and rental information will be available.