Wilson lofts
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217 5th Avenue South, Clinton, Iowa
Units: 33 Residential Rental, Ground Floor Commercial $15.6 Million Investment Ribbon Cutting: March 20, 2023 After nearly 10 years of hard work and determination, Economic Growth Corporation (GROWTH) held a ribbon cutting ceremony for the Wilson Lofts at 217 5th Avenue S, downtown Clinton, IA on Monday, March 20, 2023, at 12 p.m. officially marking the completion of their redevelopment effort. A community open house was then held from 1-4 p.m. where members of the community toured some of the available apartments and the ground floor commercial incubators, Clinton Culinary and Makers on 5th.
“Today marks a big day for all of us… a major redevelopment milestone for GROWTH and the Clinton community that is the result of a collaborative planning effort spanning nearly 10 years that required hard work, determination, resilience, and coordination by many partners,” Brian Hollenback, President/CEO for GROWTH said. “We’ve been extremely fortunate to have built a strong team of partners that believed and trusted in each other and believed and trusted GROWTH to get it done. The historic Wilson Building has been transformed into a catalyst for downtown, aligned within community plans, and has already demonstrated its ability to stimulate additional investment into downtown Clinton.” 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. Brian Hollenback, President/CEO oversaw the Wilson Lofts from concept in late 2013 to its completion in 2023.
Other GROWTH team members involved include:
Wilson Lofts Development Team:
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Above: Progress photos of the residential rental units and business incubators within the Wilson Lofts. Below: Logo for Wilson Lofts and view from the 5th floor of the Wilson Building.
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. Catalyst for Investment
GROWTH's redevelopment of the Wilson Lofts celebrates the building's history while creating market driven housing that has ignited additional investment in downtown Clinton. The Wilson Lofts 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.” 
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