210-217 5th Avenue South, Clinton, Iowa
Units: 33 Residential Rental, Ground Floor Commercial
$13.88 Million Investment
After 7 years of perseverance and hard work, GROWTH proved itself as a mission-driven owner/developer with the closing of $13.88 million in financing to redevelop the historic Wilson Building in downtown Clinton, IA. A groundbreaking date is set for Wednesday, June 16th at 2:30 p.m.
The Wilson Lofts development includes the creation of 33 residential rental units ranging from two-story, townhome type apartments, lofts at 504 square feet, and 1- and 2-bedroom rental units from 660 to 1,330 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.
The ground floor will boast two commercial incubators: Makers on 5th, a retail/business incubator designed to help start-up retailers and entrepreneurs; and Clinton Culinary, kitchen incubator, providing a commercial kitchen and incubator spaces for start-up culinary businesses.
The Wilson Building’s redevelopment will revitalize and repurpose a historically significant landmark while maintaining its historically significant character. Adaptive-reuse and restoration activities include:
Completion of this project will addresses local housing market needs, responds to the community’s growing and dynamic downtown residential population, and is consistent with the community’s desire for unique urban living opportunities that are close to many amenities.
The development advances objectives of the City’s most recent Downtown Strategic Plan and is located in an Opportunity Zone and Tax Increment Finance District.
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.
Wilson Loft development updates can be found at http://www.wilson-lofts.com/.
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.”
“The City of Clinton is extremely excited to see the Wilson Building come back to life. This majestic historical building rising up over 5 stories with full view of the Mississippi River, just putting an explanation mark on all the great growth the Downtown has seen the last several years,” says Mayor Scott Maddison.
“We are all overjoyed not only for the 33 apartments but more importantly the incubator for start-ups; and Clinton Culinary, kitchen incubator, providing a commercial kitchen and incubator spaces for start-up culinary businesses that will enhance the downtown rejuvenation,” says Self-Supporting Municipal Improvement District (SSMID) Director Karen Rowell.
“This gives the Clinton residents and those moving to our great City the ability to live in a thriving downtown and truly state ‘Going Places Living in Clinton Iowa’ in addition, the persistence of Economic Growth Corporation, the City Council Members, the SSMID, along with the Iowa Economic Development Authority (IEDA) truly shows that teamwork and belief can led to wonderful things,” says City Administrator Matt Brooke.
Below: demolition nearing completion on the Makers on 5th business/retail incubator. In 2022, construction will be complete and will make available 6 suites for entrepreneurs / startups wishing to start up and open a business.