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Council unanimously approves Paragon residential development agreement and related rezoning
Summary
The council approved a development agreement with Kehoe Capital for the Paragon residential project, including affordability commitments (20% at 80% CMI, 5% at 60% CMI) and infrastructure to accommodate an overpass; the related rezoning for the site also passed.
The Eau Claire City Council unanimously approved a residential development agreement with Kehoe Capital (the Paragon project) and a companion rezoning ordinance for property on Old Town Hall Road, clearing the way for a multi-phase housing project that includes affordable units and provisions for infrastructure to support a future overpass.
City Attorney Nick described the project as a $60 million-minimum residential component of a larger set of proposals including adjacent commercial development ("the Sevens") with a combined minimum valuation of roughly $121 million. Under the development agreement the Paragon project will reserve a minimum of 20% of units as "attainable" for households at 80% of county median income (CMI) and an additional 5% at 60% CMI, with the city and developer describing the project as market-rate housing with embedded workforce-level affordability.
Nick and staff said the development will add public infrastructure; design work anticipates an overpass across I-94 that could be constructed as a bike/pedestrian connection and potentially as a vehicular connection to Ayers Court. Councilmembers raised questions about how the affordability levels were negotiated and how affordability is defined; Nick said affordability is typically measured against the relevant CMI and a standard affordability definition (rent at or below 30% of household income) and that deep-subsidy units (for households at 30% CMI) generally require Low-Income Housing Tax Credit (LIHTC) or other subsidy.
City staff told the council engineering and trail connections between the project and existing networks were worked through with the developer and that the site layout anticipates sidewalks and trail connections, including a main trail along I-94 and a sidewalk along Bourbon Street and the development perimeter.
The council voted to move the development agreement and the rezoning ordinance forward; both items were approved by roll call, each unanimously.
Votes at a glance: Development agreement (item 17) and the rezoning ordinance for the Paragon site both passed unanimously.
