92-unit apartment complex proposed in SW Cedar Rapids

CEDAR RAPIDS — The developers of a proposed 92-unit apartment complex hope to meet the demand for workforce housing in southwest Cedar Rapids.

Talon Development, based in Sioux Falls, S.D., intends to erect the two-building complex in the 3300 block of Stone Creek Circle, near the intersection of Williams Boulevard SW and Highway 30. The project — estimated at $15 million — would create a mix of one- and two-bedroom rental units.

“The state of Iowa and the city both have published the need for workforce housing, and this project can help meet that need,” said Bob Smith, Talon’s vice president of development. “Following that logic, we looked around and decided that this lot was a good fit and location.”

The Cedar Rapids City Planning Commission recently voted to recommend the rezoning necessary for the project to move forward, although the change would require final approval from the Cedar Rapids City Council at a future meeting.

Smith said the project would further be contingent on the reception of the state-issued workforce housing tax credits that Talon Development intends to pursue this summer.

Pending necessary approvals, Smith said the goal would be to break ground on the project later this year with a construction timeline of 14 to 18 months. Once complete, monthly rental payments would fall between $885 and $1,145 per unit.

“What we’re doing is having this be a market-rate project that would be available for rent to all people in the city,” Smith said. “... It’s not income-restricted” like a project supported by low-income tax credits.

In addition to the 92 rental units, preliminary site plans also call for equivalent parking, an on-site property management office, dog park and additional green space.

The Stone Creek Circle development would be Talon’s first in Cedar Rapids, although the company in 2021 constructed the Boulevard Apartments in Marion.

That 99-unit complex near the intersection of First Avenue NE and Collins Road NE was funded in part by workforce housing tax credits and since has been recognized by the Iowa Finance Authority for its innovative approach to community housing.

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Project draws neighbors’ concerns

Despite that record, the proposed Stone Creek development drew concerns from neighboring residents who spoke at the recent city planning commission meeting.

Six people spoke against the proposed zoning change, all of whom lived at the neighboring Prairie Gardens Cooperative. The cooperative, located at 3550 Stone Creek Circle SW, is an affordable housing cooperative for those 62 and older.

Residents expressed concerns that the construction of the proposed apartment complex would lower the cooperative’s sales during the construction period and lower the property value of the area by increasing traffic and overall population density.

“We’re really concerned about how our building fits in with this (proposal),” said co-op resident Bill Hopp. “... If we’re going to be set up across the road from a 90-unit apartment building, that’s not really what retired people are looking for.”

Speaking before the commission, Smith recognized the cooperative’s concerns but reiterated Talon Development’s belief that the proposed apartment complex would be a good fit with the surrounding area.

He highlighted the project’s relatively short construction period and Talon’s track record for high-quality, Midwest development. Further, he said tenants would be held to rental agreements requiring appropriate conduct and cleanliness standards.

The area also is home to an assisted-living facility and a dental office. Neither sent representatives to speak at the planning commission’s meeting.

Stakeholders will have another opportunity to address any outstanding questions or concerns when the rezoning request comes before the City Council on April 22.

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