63 unit apartment complex approved for North Liberty

NORTH LIBERTY — The site plan for the first building in North Liberty’s largest planned development district has been approved.

The North Liberty City Council on Aug. 12 approved the site plans for a four-story 63-unit apartment building, with a mix of one- and two-bedroom units. The property, around 1.93 acres, is located along W. Cherry Street and is currently a vacant lot. The complex would have underground parking as well as a surface lot.

The Urban Central District, as it has been called by the Lion Development Group, is estimated to cost over $100 million and would include a mix of banks, restaurants and retail spaces, as well as residential units ranging from studios to three-bedrooms.

The entire complex will include 65,000 square feet of commercial space and 350 apartments across 20 acres located south of North Liberty’s Community Center.

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“This is the first building of the Urban Central District ... we also have the beginning of the public trail that’s planned to connect from the existing trail on Muddy Creek all the way through the property to the rest of the contemplated design ... to provide that pedestrian corridor through the property,” Jon Marner of MMS consultants said at a city council meeting.

City OKs $20M incentive, citing site challenges

The area has been underdeveloped due to existing buildings on the property and flood mitigation required for development. Parts of the property are in the flood zone from nearby Liberty Centre Pond.

Lion Development Group estimates the work required to make the land ready for development would cost about $27 million, making the price per square foot one of the highest in the area.

In the case of the Urban Central District, The Urban Central District development team requested an up-front investment of $20 million from the city, as opposed to property tax rebates after completion of the project, due to challenges with the property. That request was grated by the city council in March.

Since the city is offering the incentive up front, it will borrow the $20 million and repay the loan with property taxes collected from the project once it is complete. Now that the council has approved the request, city staff will work with the development group on an agreement.

Comments: megan.woolard@thegazette.com

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