W Capital Group: Cannery Trail Residences
At its legislative meeting on Tuesday, July 23, the Council approved a resolution authorizing a development and purchase agreement with W Capital Group to build a two-phase apartment complex on Oxford Street, with 71 market-rate apartments in phase one and 41 affordable units in phase two.
The project is located at 1700-1750 N Oxford Ave. The 71 planned units for the 3-story phase one will be at the north end of the site, and include 35 studio apartments, 19 one-bedroom and 17 two-bedroom, with 68 underground parking stalls and 56 bike stalls. The developer plans to begin construction this year with occupancy planned for summer 2020.
The 41 units in phase two will include 7 studios, 14 one-bedroom, 12 two-bedroom and 8 three-bedroom apartments, plus 57 vehicle stalls and 60 bike stalls.
The developer will receive $600,000 in incentives from the city for completing the project. It will also receive another $200,000 if it is successful in obtaining tax credits for to ensure that the majority of residents in phase two qualify for reduced workforce housing rents. If the developer is not awarded the credits, which are subject to a competitive application process, it has committed to setting aside 20% of the units in phase two for workforce housing.
Building amenities for both phases will include a fitness center, storage units, bike storage, key fob entry, 24-hour security cameras and a dog shower in the heated parking garage. It will be of modern design, which the developer says will "attempt, in part, to maintain the similar vertical and horizontal rhythms reminiscent of the historical buildings in the area."
See below for renderings and location information, a pp. 79-139 of the Tuesday agenda packet below for full details of the agreement with the city.
Exterior and courtyard renderings and location illustrations
New Tax Increment District #13
To spur development in the Cannery District, the council voted to create Tax Increment District 13. The net increase in property taxes is expected to generate $13.6 million to pay for improvements like streets and parks, and provide up to $4.8 million for incentives to developers. See the illustration below for the boundaries of the district. The Eau Claire Redevelopment Authority recently hired a new consultant to update its plans for the area.
The City Council also approved its capital spending plan for the next five years, including accelerating the city's involvement in projects to expand local housing supply and affordability. For the first year of the plan, the Council brought forward $500,000 to assist with multi-family projects and $200,000 to spur single family housing.
See the link below to read the full draft plan, which spends $209 million over five years.
Monday Agenda Packet (July 22, 7 p.m. Public Hearing)
Tuesday Agenda Packet (July 23, 4 p.m. Legislative Session)
Video recording (Valley Media Works)
Contact information: City Council members (City of Eau Claire)
Proposed TIF 13 (Cannery District) Project Plan (City of Eau Claire)
Draft City 2020-2024 Capital Improvement Plan (City of Eau Claire)
Council pushes up another $500K for affordable housing (Leader-Telegram)
$700,000 going toward affordable housing initiative in Eau Claire (WEAU 13 News)
City council investing $700,000 in affordable housing in Eau Claire (WQOW News 18)
City Council public hearing generates long discussion of capital budget, affordable housing (Leader-Telegram)
Posted by Scott Rogers, Governmental Affairs & Workforce Director