217 5th Avenue South, Clinton, Iowa
Units: 33 Residential Rental, Two Business Incubators
$15.6 Million Investment
After nearly 10 years of hard work and determination, Economic Growth Corporation (GROWTH) completed the Wilson Lofts at 217 5th Avenue S, downtown Clinton, IA in March 2023. A community open house was then held where more than 500 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:
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.
Built in 1914 as Clinton’s largest and most modern office building, the Wilson Loft 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.”
100 19th Street, STE 109
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Economic Growth Corporation and its subsidiaries are Equal Opportunity Providers.
Fair Housing/ Equal Opportunity Statements:
We are pledged to the letter and spirit of U.S. Policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.
Declaración de Equidad de Vivienda
Estamos comprometidos con la letra y el espíritu de la política de EE.UU. para el logro de la igualdad de oportunidades de vivienda en toda la nación. Alentamos y apoyamos un programa de publicidad y comercialización afirmativa en el que no existen barreras para obtener vivienda debido a raza, color, religión, sexo, discapacidad, estado familiar u origen nacional.
In accordance with federal law and the U.S. Department of the Treasury policy, Central States Development Partners, Inc. is prohibited from discriminating on the basis of race, color, national origin, sex, age or disability. To file a complaint of discrimination, write to Department of the Treasury, Office of Civil Rights and Diversity, 1500 Pennsylvania Ave. NW, Washington D.C., 20220 or call (202) 622-1160.
Conflict of Interest Statement:
Economic Growth Corporation and its affiliates (collectively, GROWTH) require staff and members of the Board of Directors to comply with all applicable federal, state and local laws, rules and regulations pertaining to GROWTH’s activities, to conduct themselves ethically and with integrity; and to avoid any conflict between their own interests and the interests of GROWTH.