A diagram of how the apartment complex would look from Weather Dance Plaza. (Photo: Special to the Press-Citizen)
If the reaction of members of the Iowa City Council's Economic Development Committee is any indication, a proposal for a 9-story, 170-unit apartment building adjacent to the downtown pedestrian mall is on the right track.
"I don’t like this project; I love it," said Councilor Rockne Cole after a presentation before the committee Wednesday.
The proposal comes from developer The Tailwind Group of Mankato, Minnesota. They began the application for a $9 million tax increment financing deal to complete the $66 million project.
While no decisions were made, Wednesday was an opportunity for the developers and councilors to set expectations for the project.
"We are trying to get some daylight on the project so, they (City Council) can begin to think about the developer's proposal," said Wendy Ford, economic development coordinator for Iowa City.
For Councilors Cole and Susan Mims as well as Mayor Jim Throgmorton the project was a proof of concept that the standards council set for TIF while high were workable for area developers.
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"I think we are getting a lot of public benefit for a great project even given the height," Mims said.
In order to qualify for TIF, the city will conduct a full gap analysis to determine whether $9 million is the necessary number to bring the project to fruition.
The project calls for redeveloping the south side of the 100 block of East College Street. The proposal involves the College Block building (Martini's at 125-127 E. College), the Crescent Building (Union Bar and Revival at 121 and 117 E. College St.) and Dooley Block (Graze, Field House Bar and the former Givanni's Restaurant at 115, 111, and 109 E. College St.).
A view of the College Block, Crescent Block and Dooley Block facades behind which the apartment building would be build. (Photo: Special to the Press-Citizen)
Tailwind's intention is to preserve the historic facades facing College Street. Behind those buildings, separated by a walkway, the developer would attach the 9-story apartment complex. The 170 units would include studios, one and two-bedroom apartments and a floor set aside for penthouse, totaling 186 beds with two additional floors of off-street parking.
Kyle Smith of Tailwind said that sizes would range from 350 to 880 square feet. Smith said these sizes would help them meet demand in parts of the market that weren't being supplied elsewhere.
The development proposes providing 54 spaces of parking which is less than the 80 spaces required by city regulations. In her memo to the committee, Ford noted that the parking requirement could be reduced by the Board of Adjustment or through a fee-in-lieu.
A diagram of the proposed new building south behind the pedestrian mall. (Photo: Special to the Press-Citizen)
The building is planned adjacent to the 9-story Graduate Hotel. But despite the apparent similarity, the nine stories are in excess of the four to six stories stipulated in the Downtown and Riverfront Crossing Master Plan's building heights section. However, developers argue there are "exceptional public benefits" to the project, including:
- The developer agreed to work with the city to designate the Crescent Building and Dooley Block as a Local Historic Landmarks which would prevent future demolition. The College Block building is already a Local Historic Landmark. In addition, they will rehab using U.S. Secretary of the Interior standards, which use best-practice approaches to preserve cultural heritage.
- The developer agreed to pursue LEED Platinum certification — exceeding the TIF Policy's LEED Silver standard.
- They will open the third floor of the Crescent Building above Union Bar as programmable space for shopping, offices, sales counters and restrooms.
- The developer plans to add a full restaurant in the Dooley Block building.
The large project would be Tailwind's second in town including its student housing project, The Quarters at Iowa City.
Thus far, Ford said the developer has been more than willing to work with the city to meet expectations.
"They want to work within the bounds created by the policies we have set forward," Ford said. "They are eager to get the proposed project in front of the public to get feedback."
https://www.press-citizen.com/story...-apartment-building-near-ped-mall/2140304001/
