Congratulations are in order for Economic Growth Corporation, as they have just finished the rehabilitation of the Wilson Building in Clinton, Iowa. The property, now called Wilson Lofts, has been repurposed into 33 residential apartments and a kitchen and retail business incubator in the ground floor retail space. All of this rehabilitation work was done in line with historic rehabilitation standards. President/CEO Brian Hollenback and the rest of the development team have been working on the rehabilitation plan since 2013, making the construction completion a tremendous milestone for the team a decade in the making!
Clocktower was able to provide the $3 million in Federal Historic Tax Credit and Iowa Brownfield Tax Credit equity, two important sources among the more than ten different parts of the capital stack which came together to create a great resource for the Clinton community. These funds also enabled the development to be completed within historic standards, preserving the charming character of the tallest building in downtown Clinton.
Clocktower stands ready to help all Midwest historic tax credit developers looking to preserve real estate through the use of Federal and State incentives of all sizes. If there are any questions or similar projects seeking a tax credit equity source or a path for tax credit eligibility, in Iowa or beyond, please reach out to David Curtis at (978) 440-0742, or email him at DCurtis@ClocktowerTC.com.