Credit Union Corporate Center Initiates Downtown Redevelopment
 Royal Credit Union (RCU) is a member-owned, not-for-profit financial cooperative. It is recognized as the leading financial institution in the greater Eau Claire, Wis. area and is one of the largest credit unions in Wisconsin. |
Challenge
Royal Credit Union’s objective was to consolidate its corporate administrative functions from 13 locations to more effectively serve their members. Being a local institution, RCU wished to locate its new 100,000-sq.-ft. corporate center in downtown Eau Claire, leading the way for redevelopment of the downtown area and launching the reclamation of the riverfront area. Other challenges included cleaning up environmental contamination from 100 years of industrial use along the rivers and the political complexities of approving public investment at a time when city budgets required layoffs and general budget cutting.
Strategy
United Properties assisted Royal Credit Union and the City of Eau Claire in creating a tax increment and redevelopment district where the RCU site would be located. Part of the redevelopment negotiations included the city investing in the acquisition of antiquated properties, the relocation of roads and utilities, and the creation of Phoenix Park—a $4.5 million improvement along the banks of the Eau Claire and Chippewa Rivers. As the project’s developer, United Properties oversaw the design of the site and building, suggesting modifications that led to both immediate and long-term cost savings. United Properties also provided construction management services helping to maintain the vision of the development plan during its implementation.
Results
United Properties helped create a public/private partnership that leveraged RCU’s project size and community commitment to kick off a redevelopment of a portion of downtown Eau Claire. RCU has a long-term plan that allows it to double in size.
The landmark RCU building sits at the convergence of the Eau Claire and Chippewa Rivers adjacent to the $4.5 million Phoenix Park. The city of Eau Claire has acquired the majority of the surrounding blighted properties and the development district is poised for further redevelopment activity.
|