210-217 5th Avenue South, Clinton, Iowa
Units: 32 Market Rate Residential, First Floor Commercial
$10.3 Million Investment
GROWTH is redeveloping the historic Wilson Building, at 210- 217 5th Avenue South in the heart of downtown Clinton, Iowa.
About the Project
The $10.4 million historic adaptive-reuse mixed-use development includes the creation of 32 residential rental units while maintaining 10,000 square feet of first floor commercial space. This effort will preserve and transform the Wilson Building into loft units at 504 square feet, one and two bedroom rental units ranging in size from 660 to 1,330 square feet.
GROWTH announced its intent to redevelopment the Wilson Building in November 2014. GROWTH had the property under option since December 2013 and closed April 2015.
Since that time, GROWTH has been conducting its due diligence working to identify sources necessary to successfully complete the historic rehabilitation project. “As a non-profit community based development organization with a 30-year proven track record, we go into a project knowing it will takes more than 12 months to identify all funding sources that it will take to make a project happen,” said President/CEO Brian Hollenback.
In addition, GROWTH also “weathered the storm” after the Wilson Building experienced damage to its historic façade that occurred in August. GROWTH was grateful to the City of Clinton and downtown business owners for quickly responding to the issue and coming up with a safe solution to stabilize the property until construction begins.
First Floor Unit Mix
GROWTH intends to use 9,360 square feet of the first floor facing 5th Avenue South by incorporating common elements for residents, such as a multi-media room and gym for residents living in the Wilson Building. GROWTH intends to work closely with the Clinton Chamber of Commerce and Downtown Clinton Alliance to achieve common goals related to first floor activity.
Redevelopment costs for Wilson Lofts totals nearly $10.4 million and involves six layers of financing which include the following: Self-Supported Municipal Improvement District 2 (SSMID) from the Downtown Clinton Alliance, Tax Increment Financing from the City of Clinton, Workforce Housing Tax Credits, Historic Tax Credits, Brownfields/Greyfields Tax Credits, and private debt.
Interesting Fact: Built in 1914 as Clinton’s largest and most modern office building, the Wilson Building stands six stories tall, making it the tallest building in Clinton’s downtown business district.
Above: Historic photo of the Wilson Building, mid 1900's. Below: Logo for Wilson Lofts and view from the 5th floor of the Wilson Building.
Below Left: Rear façade of the Wilson Building today. Rendering of the new façade, complete with buried utility lines. Residents of the Wilson Lofts will mainly enter in from the rear of the building.
Catalyst for Investment
GROWTH intends to advance the Wilson Building's historical intent by creating market driven housing that will ignite additional investment in the downtown. As an experienced community based developer, GROWTH has experienced firsthand how projects like the Wilson Building can stimulate further investment, turning good downtowns into great destinations.
Research has demonstrated the substantial value returned to communities that invest in the renewal and improvement of historic assets. The Wilson Building, now listed on the National Register of Historic Places, is intended to advance commerce and economic prosperity in the downtown. By redeveloping historic buildings and putting them to use, the downtown economy is stimulated, citizens are provided with equal, fair, and quality housing opportunities, local contractors are provided with work, and local tax rolls are fed.
“We understand what downtown housing creates. It’s not just about redeveloping a building; it’s about redeveloping downtown as a lifestyle, and impacting the overall community. The project will serve as a catalyst for further investment in downtown Clinton.” Brian Hollenback continues, “We intend to use a comprehensive approach to provide new resources for the overall Clinton community.”