Two downtown projects are put on hold or not happening
Posted: August 12, 2016
Two projects that met with the City of Eau Claire Redevelopment Authority (RDA) in mid-February may not happen or have been put on hold. A proposal for Block 7 in the North Barstow Redevelopment District had a proposal from Geoff Moeding of Moeding Partners. At the time, Moeding requested a 90-day exclusivity right to negotiate. Another deal involved the North Barstow Parking Ramp Liner building, however that 90-day exclusive negotiating period was also denied.
Moeding, who currently oversees and manages 84 apartment units as well as 30,000 square feet of retail space, proposed to build three complexes that would total approximately 140,000 square feet and have 130 apartment units on the upper floors. However, Moeding was asking the city to amend the existing tax incremental finance (TIF) district for that area to utilize the remaining $2 million available in tax increment funding. The RDA asked for more information about the project and denied the 90-day exclusivity period for negotiations.
"Between the cost of construction, which has been inflating, I had a hard time making the numbers work for this deal. It could be my conservatism, but I see that rents are going to go higher in the future and there's a lot of properties available in this market," said Moeding.
As for the Commonweal Development deal, Stuart Schaefer, president of the company, said they don't have any immediate plans for the Liner building.
"We're looking at other development opportunities. We love the site, but the people we've been talking to have been put on hold," said Schaefer.
Schaefer was going to use most of the site and have a 65,000-85,000-square-foot, four-story building that would have been attached to the new parking ramp. In addition, Schaefer said Commonweal would lease 200 to 300 parking spaces in the new ramp and have commercial tenants on the first floor and office space throughout the rest of the facility. TBL