Hunter
8/29/19
A Minnesota developer wants to build a nine-story apartment building adjacent to the Iowa City Ped Mall, and the city’s Economic Development Committee got a first look at the plans Wednesday.
The Iowa City Press-Citizen reports that the $66 million development would embrace the historic significance of the front buildings on College Street while providing residential options in demand downtown.
The Tailwind Group, of Mankato, also developed the Quarters apartment complex on Highway 6 East.
Their plan is to preserve the historic facades of the College Block building, the Crescent building, and the Dooly Block, in the 100 block of East College Street. The new structure would be on the south side of those buildings, with a walkway separating the two.
The proposal includes 170 units, with two floors of off-street parking. Apartment sizes range from 350 to 880 square feet.
The city will provide a gap analysis to determine whether they will ask for $9 million in TIF financing. Wendy Ford, economic development coordinator for the city says so far, the developer has been willing to work with the city to meet expectations.
