The Wisconsin Economic Development Association (WEDA) awarded its 2023 Community and Economic Development Awards (CEDA) at the annual CEDA Awards ceremony, which was held September 28, 2023, in Wausau as part of WEDA’s Fall Best Practices Conference. The CEDA Awards were established by WEDA to recognize economic development projects and programs, as well businesses and organizations that are making significant contributions to Wisconsin’s economy.
Beebe Lofts in New Richmond, which was co-developed by West CAP and the Gerrard Corporation, recieved a 2023 CEDA award for Real Estate Redevelopment & Reuse. This award recognizes innovative real estate redevelopment or reuse projects that demonstrate measurable and quantitative impact on employment and tax base, as well as sustainability measures, such as conservation of energy and water.
After years of disrepair, the once prominent Beebe Building was an eyesore in downtown New Richmond. In 2018, the city acted swiftly to acquire the hotel with hopes to rehabilitate the site. Understanding the great need to increase its housing stock, the city aimed to utilize Tax Increment Financing (TIF) and state and federal Resources to entice a developer partner to bring the project to fruition. It was the first time New Richmond engaged as a major partner on a redevelopment project. After four years of public investment and major clean up, the Gerrad Corporation purchased the site and constructed a senior housing development. Beebe Lofts, a catalytic project in New Richmond, has provided 50 new senior housing units for the growing 55 and older population. In addition, the project has had a positive economic impact on the community, providing a new customer base for downtown businesses, increasing the city’s tax base, and sparking many new developments throughout the community.
Excerpt from the WI Economic Development Assocation Member News and Information