Developers work on North Barstow purchase
Posted: March 18, 2011
The City of Eau Claire Redevelopment Authority (RDA) this week approved two separate proposals that give developers a two-month timeline to negotiate the purchase and development plans for property located within the North Barstow Redevelopment District.
According to City of Eau Claire Economic Development Director Mike Schatz, Commonweal Development and John Mogensen are each interested in land for the second phase of development in the downtown area.
"The RDA Board approved a 60-day right to exclusively negotiate with both parties. Commonweal's proposal includes building at least two, four-story residential buildings that are estimated to be $3 million each. Mogensen would develop a mixed- use building with commercial tenants on the ground floor and loft apartments above that is estimated to be valued at about $4 million," said Schatz, who added that Commonweal and Mogensen elected to get involved in the redevelopment project after Geoff Moeding and Michael Lander of Phoenix Parkside,LLC, decided to not exercise their option on the property.
Commonweal Development is considering the purchase of land from Hobart Street to Riverfront Terrace while Mogensen is looking to acquire a parcel that is an area from North Barstow Street to Hobart Street.
"I would say that this development opportunity says something about the desire to be downtown, especially in the residential market and justifies the infrastructure and vision that the city and RDA had for the area," said Schatz.
In a related development, the City of Eau Claire Plan Commission and the RDA approved a site plan for Mogensen's purchase of the three-story building at 2 S. Barstow Street. The vacant complex located along the confluence of the Chippewa and Eau Claire Rivers will be developed into a mixed-use facility with retail tenants on the ground level and one-bedroom apartments on the top two floors. TBL