WEDC contributed $5,000 toward a $20,000 feasibility study for renovating and reopening the historic riverfront Steamboat Inn. Following the study, a development partner was identified and the historic properties were demolished to make way for a four-story, mixed-use, 83,000-square-foot project planned to include a restaurant and banquet facility as well as a parking garage, retail and office space, condominiums and a rooftop patio and pool.
Beloit, another of Wisconsin’s inaugural Main Street communities, has sustained commitment to downtown progress for more than two and a half decades. A former factory town blessed with the presence of a river and downtown campus (Beloit College), Beloit has channeled the passion of its residents into a successfully reimagined community on the riverfront. As with all Great American Main Street Award winners, Downtown Beloit has established strong local partnerships. Housed together with the Greater Beloit Economic Development Corporation, Visit Beloit and the Greater Beloit Chamber of Commerce, the organization has generated regional support for its numerous public art initiatives and innovative incentive strategies, which, in turn have resulted in quality renovations and numerous small business success stories. Moving from 19 percent vacancy in 1988 to 7 percent in 2011, and then to a waiting list of prospective businesses in 2015, Beloit is a downtown success story by any measure. Community pride led directly to the successful community-initiated development project, which created the Beloit Inn, a luxury downtown hotel project. Other community-driven initiatives and partnerships include the conversion of a former Woolworth store into a local foods grocery, creation of the Beloit Fine Arts Incubator, and selection of a downtown location for the Beloit College bookstore. Cumulative private investments of $70 million have created appealing spaces for entrepreneurs, tech companies and civic organizations alike, leading to a 192 percent increase in property values over the past 20 years and rehabilitation of more than 286 buildings. The adaptive reuse of the 750,000-square-foot former Ironworks building, begun in 2014, is the next phase of this activity. Already home to numerous software and technology-based firms, the building is also slated to become home to the regional YMCA, with a proposed pedestrian bridge across the Rock River providing additional connectivity. Moving forward, the organization continues to focus on residential development, including upper floor conversion and infill units designed to meet the needs of a growing workforce and Baby Boomer market; recruitment of additional restaurants to complement a growing food cluster; and expansion of an already active public art scene. The Downtown Beloit Association is responsible for more than 40 days of events each year, including an award-winning farmers’ market and month-long winter holiday celebration.
Waterloo received $800,000 in Idle Sites Redevelopment funding for redevelopment of a 20-acre vacant RR Donnelly industrial site in downtown Waterloo along the Maunesha River. The site will be home to a $17 million mixed-use development planned to include infill apartment redevelopment, a senior housing campus, manufacturing warehouse expansion and renovation of headquarters facilities for a tech hub and data center.
WEDC provided $417,250 toward $1.5 million in planned site improvements on the long-vacant Milk Page site. The project will allow the adjacent Merrill Equipment Company to expand, address environmental concerns, create additional commercial acreage within city limits, and connect downtown to a regional trail system along the river.