EAU CLAIRE, Wis. – Prairie Heights Residences in Eau Claire, a collaborative development by West CAP and Gerrard Corporation, officially opened its doors on July 2nd, marking a significant milestone for sustainable and affordable living in Wisconsin.
This development introduces geothermal heating and cooling as a first-of-its-kind feature for an affordable housing project in the state. Beyond its cutting-edge energy system, the project covers 100% of all utilities, including air conditioning and electricity, directly reducing the financial burden on its residents.
West CAP, a non-profit community action agency, is dedicated to creating opportunities for individuals and families to achieve economic security and live with dignity, often through initiatives like affordable housing. Gerrard is a family-owned and operated development and general contracting company that has been in business for over six decades. Dedicated to building strong, sustainable communities, they specialize in building energy-efficient and high-quality homes that are both environmentally friendly and economically accessible for all.
These two have partnered on several projects throughout the years in an effort to not only help provide communities with affordable housing, but affordable housing that is sustainable for residents and the environment.
“One of the best parts of this project is the use of geothermal,” said Paul Gerrard, Vice President of Gerrard, on behalf of him and his brother Peter Gerrard, President of Gerrard. “It’s the key part of what makes this place affordable for tenants.”
“Everyone deserves a foundation, a home,” said Tim Mather, Executive Director of West CAP. “This apartment complex gives tenants the foundation of a place to come home to so they can build the rest of their life from there.”
Bringing Prairie Heights Residences to fruition was made possible by vital financial partners, including Merchants Bank, the Eau Claire City Council through its affordable housing grant and various state and federal programs like the Wisconsin Housing & Economic Development Authority (WHEDA). These diverse partnerships were instrumental in securing the necessary funding and support, culminating in Prairie Heights becoming a vital, successfully completed housing development for the Eau Claire community.
“The Prairie Heights project is about meeting the critical community need for affordable housing in the region,” said Steve Kovala, Commercial Banker at Merchants Bank. “This apartment complex is now home to many residents with diverse backgrounds including single parents, individuals with disabilities and veterans. This project exemplifies the strength of great partnerships between Gerrard Corporation, WHEDA, FHLB, the City of Eau Claire and Merchants Bank. As the Bank celebrates its 150th anniversary this summer, we’re honored to have been a part of this vital initiative.”
“Our financial partnership with Gerrard on Prairie Heights embodies the Bank’s commitment to sound, impactful community development,” said Sue Savat, Chief Financial Officer at Merchants Bank. “This project creates tangible, lasting benefits for individuals and the broader community of Eau Claire.”
Merchants Bank is a full-service community bank with over 20 locations in southeastern Minnesota and west-central Wisconsin and a leasing division, Merchants Bank Equipment Finance, in Edina. Headquartered in Winona, MN, MFGI has more than $2.7 billion in assets and is one of the largest banks chartered in the state of Minnesota. Merchants was founded in 1875. Member FDIC.
For More Information
Contact:
Erika Schorbahn
Director of Marketing, Merchants Bank
edschorbahn@merchantsbank.com
(507) 494-0573