City of Janesville receives $250,000 State Grant to Support Development of Downtown Project
The City of Janesville is receiving a $250,000 state grant to help finance the construction of a new downtown hotel.
The Community Development Investment Grant from the Wisconsin Economic Development Corporation (WEDC) will support the new construction of a Cobblestone Hotel & Suites, a 53-room, four-story hotel overlooking the Rock River. The 33,000-square-foot hotel will include an indoor pool, exercise facility and restaurant.
City officials believe the new hotel’s high-profile downtown location will help position downtown Janesville as a destination where commerce, culture, entertainment and history intersect.
The $6.7 million project is anticipated to create 15 jobs. Construction is now underway and expected to be completed in February 2019.
“A vibrant downtown is vital to a community’s overall economic success, and the new Cobblestone Hotel & Suites will play a key role in bringing more visitors to downtown Janesville to enjoy the many amenities the city has to offer,” said Mark R. Hogan, secretary and CEO of WEDC, the state’s lead economic development corporation. “This project is another example of the many ways in which WEDC works with communities throughout Wisconsin to enhance their business districts.”
"As the City's downtown revitalization continues to move forward with great momentum, we are excited to see further development with the new Cobblestone Hotel,” said City Manager Mark Freitag. “This grant will help support the hotel project, and we see this incoming business as another great amenity for the Janesville community."
“Cobblestone Hotels is the only hotel franchise company based in Wisconsin, and we are proud to put another downtown development project in our home state,” said Brian Wogernese, president and CEO of Cobblestone Hotels. “We are dedicated to working with smaller communities, like the city of Janesville, to fill lodging needs by providing big city quality with small town values.”
This project has the potential to be a catalyst of future redevelopment and be an asset to the downtown for promotion and marketing. This project is expected to fill a gap in the hospitality market and this hotel will be the only hotel in the downtown area of Janesville.
WEDC’s Community Development Investment Grant Program supports community development and redevelopment efforts, primarily in downtown areas. The matching grants are awarded based on the ability of applicants to demonstrate the economic impact of the proposed project, including public and private partnership development, financial need, and use of sustainable downtown development practices.
Since the program’s inception in 2013, WEDC has awarded more than $17 million in Community Development Investment Grants for projects expected to generate more than $233 million in capital investments statewide.
For questions, contact Mark Maley at (608) 210-6706.
About the Wisconsin Economic Development Corporation
The Wisconsin Economic Development Corporation (WEDC) leads economic development efforts for the state by advancing and maximizing opportunities in Wisconsin for businesses, communities and people to thrive in a globally competitive environment. Working with more than 600 regional and local partners, WEDC develops and delivers solutions representative of a highly responsive and coordinated economic development network. Visit wedc.org or follow WEDC on Twitter @WEDCNews to learn more.