5th Ward Residences, a collaboration with Borton Construction and Three Sixty Real Estate Solutions, LLC, is a transformative two phase market-rate housing development project aimed at positively impacting the Lower Northside/Depot Neighborhood of La Crosse, WI.
Case Studies
5th Ward Residences
Project Summary
Quick Facts
5th Ward Residences, a collaboration with Borton Construction INC. and Three Sixty Real Estate Solutions, LLC, is a transformative two phase market-rate housing development project aimed at positively impacting the Lower Northside/Depot Neighborhood of La Crosse, WI by offering a new for sale product that offers options for current home owners living in the flood plain. Phase one consisted of 72 market-rate apartments with the primary focus on market-rate workforce housing, making them accessible to a broad range of residents. Additionally, 14 owner-occupied town-home condominiums were built for rent or sale. Lastly, a centrally located activity center was created as a hub for residents and includes a leasing office, fitness studio, lounge, gathering rooms, and incubator offices available for lease. It also offers indoor and outdoor gathering spaces, fostering community interaction. Phase two consisted of an additional 72 market-rate apartments, bringing the total to 144 apartments across the development. Natural landscaping, a component of phase two, incorporated Agriwild © , which is a proprietary method utilized by Three Sixty to create healthy built environments for neighborhoods and communities by considering food sources for animals and humans, the site ecology, carbon sequestration, storm water management, habitat creation, and bringing the “wild” to the neighborhood. This creates a robust and healthy sense of place for residents and neighbors of the development. The 72 apartments from phase one rented within 60 days of occupancy. The second 72-apartment building in phase two opened on September 1, 2023, and has achieved an 80% occupancy rate with one condo sold. Overall, the redevelopment of 5th Ward Residences provides a diverse range of housing options, fostering community engagement through the activity center, and contributing to the revitalization of the neighborhood, with a commitment to universal design and sustainability principles.
1221 Hagar St., La Crosse, WI 54603 Location
Multifamily Residences and Condominiums for Sale Project Type
Developer
Collaboration of Borton Construction INC. & Three Sixty Real Estate Solutions, LLC
Website https://5thward.threesixty.bz/
Management Three Sixty Real Estate Solutions, LLC
Builder Borton Construction
Special Features Mixed Use, Multi-family housing, Condos and Incubator Offices.
www.threesixty.bz
5th Ward Residences Case Study 1
Design
CPTED
The development was constructed from the ground up by Borton Construction INC., a local company, providing expertise and commitment in the 5th Ward Residences project. The design consists of 2 five-story, 84,000 sq ft. 72- unit apartment buildings offering units ranging from studios to two-bedroom, two-bath units. They feature at grade enclosed and heated parking on the 1st level with a pet grooming, bike repair and storage area. In addition, an activity center with conference rooms, office space for rent, community gathering space and fitness room along with an outdoor courtyard and basketball court. 5th Ward Residences combines modern apartment living with a focus on community and resident well-being, offering a range of features and services to meet the diverse needs and preferences of its residents.
Crime Prevention Through Environmental Design (CPTED) was an important aspect to consider when designing the exteriors of the 5th Ward Residences. CPTED principles were incorporated to enhance safety, reduce crime, and create a welcoming and secure environment for residents and the surrounding neighborhood.
• Natural surveillance was created by the design of the balconies for clear sightliness.
• Clear and defined entrances were included to discourages unauthorized access.
• Territorial reinforcement with signage and maintained landscaping was added to the final details.
Ariel view of the 5th Ward Residences
Sustainability
When it comes to sustainability very few principles are more important to us than the impact of the local factor. Be it local sourced materials, local produced products, local jobs or supporting good pay jobs growth! This is our commitment to using all La Crosse based businesses in this development; we are committed to keeping it local. Our vision is compatible with the City of La Crosse and La Crosse County Strategic Plan for sustainability. Our team focused on many strategic sustainable methods in this development including: •
Creating a tight building envelope that uses best practices for lower energy consumption, utilizes sustainable high quality materials, and energy efficient designs. • Creating an environment that highlights and respects our natural resources and is designed in a method that connects people to the resource. • Storm water retention and management that will manage the water on-site. • Landscaping will use native plants and provides a food source for both people and wildlife. • Building design will utilize natural light to create more creature comfort and reduction in energy needs. • It is the intent of this project to create a healthy living model with close access to pedestrian resources such as the marsh, bluffs, and local parks. • Three Sixty Real Estate Solutions was the 1st multi-family property owner in La Crosse to go “smoke free”. The 5th Ward Residence is smoke free as well. • A plan with the City of La Crosse is in place to connect the 5th Ward Residences development and the Lower Northside neighborhood to the marsh trails from Red Cloud park. This connector will allow residents in the neighborhood to access UW-La Crosse and downtown Riverside Park without having to cross a road by using existing trails.
5th Ward Residences Case Study 2
www.threesixty.bz
The Site and Background
The site of 5th Ward Residences was originally an industrial site for Trane Company, a well-known manufacturer of heating, ventilation, and air conditioning (HVAC) equipment. It was one of the manufacturing facilities used by Trane for its operations and was known as Trane Plant 6.
The 12-acre property was owned by the La Crosse Industrial Park Corp. (LIPCO), a nonprofit partnership involving the city of La Crosse, LADCO, and Xcel Energy. LIPCO purchased the building from Trane in 1997 after Trane phased out manufacturing at the site by 2001. The property had remained vacant when I.C. System moved its local office to Onalaska, WI, and La Crosse Footwear Inc. closed a distribution center within the building.
Trane agreed to cover the approximately $500,000 cost of environmental cleanup for contaminated soil beneath the building.
In 2013, the property was purchased by STIZO Development, LLC from LIPCO, marking a transition from industrial use to redevelopment. LIPCO was awarded a $200,000 grant of federal economic stimulus funds from the Wisconsin Department of Natural Resources, and a $165,000 grant from the State Department of Commerce, to make the site ready for redevelopment.
Ariel view of the Trane No. 6 plant before demolition
The site underwent multiple redevelopment attempts and proposals over the years, involving various potential end users and development plans, including low-income housing, the STAR Center, grocery stores, a hockey arena, and a convenience store. None of the initial plans came to fruition. Recognizing changing community needs and priorities, the concept of a mix-use, residential-oriented development had a promising trajectory and aligned with the evolving needs and priorities of the community.
Three Sixty’s philosophy of ensuring each project we take on, will have a positive impact on the neighborhood, community, our team and the customer was highlighted with this project. In the Lower Northside and Depot/North La Crosse neighborhood, 29.2% of the working population is employed in manufacturing and laborer occupations. It is a below average income neighborhood with income lower than 81.4% of U.S. neighborhoods. A mix of housing options, including market-rate apartments, can contribute to the overall economic diversity of the neighborhood. This diversity can attract a wider range of residents and create a more vibrant and inclusive community.
In addition, Kwik Trip Corporate Office and Manufacturing Facility is located in the adjacent industrial park, and employs 5,144 employees.
Lower Northside/Depot Neighborhood of La Crosse, WI
By leveraging the proximity to this major employer and tailoring the residential project to meet the needs and preferences of potential tenants, 5th Ward Residences is an attractive housing option for employees looking for easier commutes and infrastructure such as bike lanes and sidewalks for reduced transportation costs and a healthier lifestyle.
I want to express my appreciation to you for having the courage and the grit and the fortitude to stick this out, and to keep pushing and to make this a reality. Because it doesn’t just provide a tax base, it provides homes, energy and vitality for our city. “ ” -Mayor Mitch Reynolds
5th Ward Residences Case Study 3
www.threesixty.bz
Project Financial Information
Financing Sources Debt Capital Sources Bank Financing River Bank Private Note for Public Infrastructure Improvements City of La Crosse TIF Loan Private Financing
$1,377,800.00 Previous Assessed Value
$16,600,000 $803,739 $3,100,000 $1,000,000
$17,463,311.47 Projected Assessed Value
Total Financing
$21,503,739
$35,282.30 Current Tax Revenue
Equity Capital Sources Private Equity 5th Ward OZ Fund LLC Equity La Crosse County Grant WEDC Grant Private Equity Infrastructure Improvements
$2,800,500 $1,796,979 $100,000 $217,900 $803,739
$447,928.40 Projected Tax Revenue
*The above numbers are based on the economics prior to breaking ground for construction.
Total Equity
$5,719,118.56
Total Cost of Construction
$27,222,857
About Three Sixty The Three Sixty vision is to plan, develop and manage projects that will positively impact the communities as a whole - by stimulating growth and improving the lives of the people throughout the neighborhoods we serve. Three Sixty Real Estate Solutions is a vertically integrated, full-service real estate company with a community first mindset, only embarking on projects that will positively impact the community, the neighborhood, the customer and our team. Our expertise of the multi-family industry, from construction to management, allows us to yield long-term investment and catalyze growth by creating a sense of place that strengthens the neighborhoods. Our name is derived from the full circle of services we provide and our commitment to a project from start to finish. We have grown to be a successful, full-service real estate company because of the years of diligent and successful planning, developing and managing of all of our properties. We serve our customers at a level that exceeds industry standards and we provide quality outcomes for all partners.
Contact us: 608-782-7368 inquire@threesixty.bz 1243 Badger St. La Crosse, WI 54601
www.threesixty.bz
5th Ward Residences Case Study 4
Page 1 Page 2 Page 3 Page 4Made with FlippingBook - Online magazine maker