Rock Island Economic Growth Corporation, d/b/a Economic Growth Corporation (GROWTH) has “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, a news release says.
A groundbreaking date will be set sometime in the middle of June.
The Wilson Lofts development includes the creation of 33 residential rental units ranging from twostory, town-home type apartments, lofts at 504 square feet, and one- and two-bedroom rental units from 660 to 1,330 square feet, with 26 units designated at market rate, and seven units 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.
“It is through the stellar work of the development and transaction teams that successfully worked
through a complex financing structure that got us to this day,” says Brian Hollenback, president/CEO.
“We are grateful for the unyielding support of so many, and we share in the excitement of what it is to come. The Wilson Lofts is a catalytic development, and we are extremely proud to announce that
construction will start in June.”
“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
“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 startup culinary businesses that will enhance the downtown rejuvenation,” says Self-Supporting Municipal Improvement District (SSMID) Director Karen Rowell.
Since December 2013, GROWTH has worked to overcame obstacles to get to closing. The complex transaction was possible because of the dedication and support of many partners, which include the City of Clinton, Downtown Clinton Alliance, 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 Tax Credits.
More than 12 layers of financing make up the $13.88 million capital stack and include 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, Self-Supported Municipal Improvement District 2 (SSMID) from the Downtown Clinton Alliance, private debt by IHMVCU, BankORION, and American Bank & Trust.S. A new website, www.Wilson-Lofts.com is underway where progress updates and leasing information will be available.