116 3rd St SE
Cedar Rapids, Iowa 52401
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CEDAR RAPIDS - A Chicago-area developer has been granted $600,000 in state tax credits for a $23.7 million, three-story apartment complex with commercial space in the NewBo district.
The Iowa Economic Development Authority board granted grayfield credits to a holding company controlled by Lake Barrington, Ill.-based Landover Corp. to redevelop the entire 300 block of Ninth Avenue SE, the northernmost block of the NewBo district.
Grayfield credits can be used to fund the redevelopment of sites with abandoned public buildings, or vacant, blighted or underused industrial or commercial properties, according to the Iowa Economic Development Authority.
The warehouses currently on the block are owned by Loftus Distributing, which filed for dissolution in 2007.
According to project descriptions provided to the state, Landover plans to demolish the warehouses and build a three-story, 120-unit circular apartment structure with 16,000 square feet of ground-floor commercial space and a central courtyard area. The apartments will include 28 one-bedroom units and 72 two-bedroom units.
Landover President Richard Sova said the project is in its early stages, but he plans to submit formal site plans to city officials within the next 60 days and plans to ask for city revitalization tax credits for the project.
Sova said he's hoping to capitalize on local efforts to attract young professionals to the NewBo area.
'NewBo's on the way up and the city is focusing a substantial amount of effort and dollars into that area to reshape it,” he said.
Sova said construction is planned to begin in spring 2019, and for tenants to begin occupancy in summer 2020.
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