116 3rd St SE
Cedar Rapids, Iowa 52401
CEDAR RAPIDS - A new five-story, 45-unit apartment complex topped by a rooftop terrace with green roof is being proposed for Kingston Village by an Iowa City development group that includes former Iowa Hawkeye and NFL standout Nate Kaeding.
The Cedar Rapids City Council on Tuesday selected M&W Properties, a multifamily apartment developer, over four other proposals - which included a boutique hotel - to redevelop a city-owned site along Second Street SW between Second and Third Avenue SW behind Dash Coffee Roasters.
'This is a good example of the fact we are building momentum for downtown housing,” council member Scott Olson said. 'The good news is that when a project like this is built, so far, in our community they are pretty much leased the day they are finished.”
Olson added, 'I am also excited to see a new face in our development community.”
Ryan Wade is the principal owner of M&W, while Kaeding is working on behalf of Build to Suit, a development firm, assisting in development and construction of the building, he said. Kaeding, a former kicker for the Hawkeyes and San Diego Chargers who has been involved in a number of successful business ventures in the Iowa City area, said he would comment more when plans are further along.
The City Council on Tuesday approved allowing city staff to negotiate a development agreement with M&W for the Kingston Village property with the expectation of presenting a proposal for approval in 30 to 60 days, said Jennifer Pratt, the city's community development director.
The project outline includes a $6.3 million investment; 35 efficiency one-bedroom apartments; 10, two-bedroom, two-story lofts; private balconies; and 27 on-site parking stalls, 15 from an adjacent property by agreement, and five on-street. All of the units would be market rate.
The city is recommending a 10-year, 100 percent tax break, which is standard for urban housing developments. The city did not identify the value of the incentive.
Council member Ashley Vanorny said the project 'hits the ball out of the park” in terms of what the city was looking for but urged the developers to consider adding affordable housing, which is not included.
Council member Ann Poe praised the aesthetics of the project saying it 'encompasses that 360-degree view so the apartment complex is beautiful from all sides.”
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