Hunter
07/17/23
A month after it was publicly listed, the University of Iowa’s Mayflower Residence Hall is drawing interest from qualified buyers.
The Gazette reports Lepic-Kroeger Realtors is shopping the residence hall with a $45 million price tag, Realtor Jeff Edberg worked with the University to reach out to 12 qualified and interested people before the public listing. None of those potential buyers are among four current interested parties.
Without naming names, Edberg says three potential buyers are locally-based.
The Gazette says one party considered razing the 8-story residence hall and putting something new in its place, but zoning constraints makes that option not feasible.
Mayflower sits on land where a dam and grain mill entrepreneur built his mansion. It became the Mayflower Inn before it was demolished and replaced by apartments. The University of Iowa started leasing parts of the building to address student housing needs in 1979 and purchased the entire building outright in 1983. The land’s 2023 assessed value is $1.4 million; the building’s value hasn’t been determined due to its public ownership, but Iowa City Assessor Brad Comer told the Gazette that they want to assess the property before students return next month.
Whoever purchases the property will have to wait until the end of the 2023-24 school year to take possession.
