Developer requests height bonus for 15-story tower

IOWA CITY - An Iowa City developer is requesting a height bonus to build a 15-story tower near the University of Iowa Campus Recreation and Wellness Center.

Officials with 316 Madison LLC have proposed a mixed-use 162,000 square foot tower for 316 Madison St. that would include 154 units with 248 bedrooms geared toward students, faculty and staff and young working professionals at the UI, according to an application filed with the city.

CG Hanson President Charlie Graves and Joe Clark, of Apartments Downtown, are listed as the applicants on the document.

The Iowa City Council will discuss the height bonus at its Dec. 2 meeting.

The proposed site is located in the Riverfront Crossings District's South Downtown zone, which only allows buildings up to eight stories in height, with additional floors allowed under specific requirements.

The developer is requesting five additional stories for a student housing height bonus and two more floors for presenting 'leadership in energy and environmental design,” according to the application.

In order to be granted the two additional floors, the building is proposed to achieve LEED Gold certification.

The building would also include on-site management, secure bicycle storage for more than 100 bikes, a rooftop patio and fully furnished units.

City staff have determined that the building would meet the requested height bonus requirements, under the stipulations that a design review be approved on the final building design and external building materials, the applicant sign an agreement with the city to ongoing compliance with a management and security plan and provide verification that the building will achieve LEED Gold status.

According to data included in CG Hanson's application, the property taxes for the 15-story building would start at more than $425,000, compared to less than 4146,000 in taxes from a 5-story building.

'There is a significant advantage from a property tax perspective to build a 15 story building in comparison to a 5 story building at this location,” the application states.

CG Hanson is also one of four finalists being considered for development on the city-owned Linn and Court Street property.

On that site, CG Hanson has proposed a 12-story, 330,000 square foot senior housing tower with residential units for active seniors with encouraged learning and living lifestyle. A second tower in the proposal would include high quality housing and commercial space.

The council will discuss the Linn and Court Street proposals at its Dec. 2 work session.