Developer Has Plans for Downtown's Block 7, but Creative Financing Needed
Creative financing will be key to the success of a proposed mixed-used project in downtown Eau Claire that would include space for a grocery store, a public market, and 85 apartments, says developer Stuart Schaefer. His firm, Commonweal Development, has proposed building an $18 million, two-building project on what’s known as Block 7, a temporary parking lot at the southeast corner of North Barstow and Wisconsin streets.
Because of its proximity to the farmers market and the downtown business district, the block is ideal for a long sought-after downtown grocery – potentially a relocated Just Local Food Cooperative – and public market, Schaefer says. However, he adds, paying for that part of the project with conventional funding methods isn’t commercially viable. Instead, Commonweal recently asked the city Redevelopment Authority, which owns the land, to consider providing $3.25 million in tax incremental financing to pay for the public market portion of the project. The RDA considered the proposal in closed session at its Oct. 12 meeting. After reconvening, chairman Mike DeRosa instructed city staff to continue to negotiate with Commonweal but to take possible TIF funding off the table.
Despite the potential setback, Schaefer believes the project is still possible, particularly if grant funds or other creative financing methods are found to pay for the public market. That approach was suggested in a public market feasibility study commissioned by the city and presented in late August.
Noting that Just Local Food has indicated a desire to move and expand and that the community is interested in creating a public market, Schaefer says he’ll continue to push the project forward. “I really think there’s a way to get this done,” he says.
