Hunter
05/19/26
Hills Bank has entered into a purchase agreement to purchase over 19 acres of the former ACT campus.
The Gazette reports the sale price for the property is $20.7 million and includes the existing ACT Ferguson and ACT Davidsen office buildings.
The bank is purchasing the property to expand operational space after other company properties have reached capacity. However, a news release stressed that their corporate headquarters will remain in Hills.
The developer of the property, JNB Iowa City, had planned on converting the existing office buildings into market rate housing for residents 55 years and older in that part of the campus. They now plan to construct additional housing in land adjacent to the ACT Tyler building that’s currently a parking lot.
Construction is scheduled to begin this summer on low-income housing, including 9 two-bedroom townhouses and a 35-unit apartment building. Because the project is partially funded by federal housing tax credits, the housing will be both age-and income-restricted.
The development team is in negotiations with a grocery store to anchor a retail and commercial hub for the property, and future phases may include various housing types.