Commonweal agrees to North Barstow deal
Posted: June 17, 2011
The City of Eau Claire Redevelopment Authority (RDA) this week approved a development agreement to sell slightly more than one acre of land in the North Barstow Redevelopment District to Commonweal Development.
"The RDA approved a purchase price of $186,700 for 48,971 square feet of land. They are going to develop two multi-family residential buildings consisting of approximately 40,000 square feet each for a total of 60 units," said City of Eau Claire Economic Development Director Mike Schatz, who added that each facility will have underground parking and Commonweal has guaranteed to pay a "PILOT" (payment in lieu of taxes) on $3 million of taxable valuation.
Commonweal would develop the two, four-story buildings between Hobart Street and Riverfront Terrace.
The RDA also directed staff to continue negotiations with John Mogensen for development of a mixed use building with commercial tenants on the ground floor and loft apartments above that is estimated to be valued at $4 million. Mogensen expressed concerns to the RDA about parking and utility issues.
Mogensen is looking to acquire a parcel that is located in an area from North Barstow Street to Hobart Street.
Commonweal and Mogensen became involved in the second phase of the North Barstow Redevelopment District after Geoff Moeding and Michael Lander of Phoenix Parkside,LLC, decided to not exercise their option on the property. TBL