116 3rd St SE
Cedar Rapids, Iowa 52401
Affordable housing project planned near Cedar Rapids’ Westside Library
Funds from the recent land sale will support ongoing development of Cedar Rapids’ newest library
Jun. 6, 2025 5:30 am, Updated: Jun. 6, 2025 11:40 am
The Gazette offers audio versions of articles using Instaread. Some words may be mispronounced.
CEDAR RAPIDS — A proposed 192-unit affordable housing development in southwest Cedar Rapids aims to complement and support the ongoing construction of the city’s new Westside Library.
Carmel, Indiana-based developer Pedcor Investments recently finalized its purchase of roughly 12.3 acres of land between Edgewood Road and 20th Avenue SW from the Cedar Rapids Public Library Foundation.
The development — dubbed The Atheneum — will include a mix of one-, two- and three-bedroom apartments, said Pedcor Investments Senior Vice President of Development Michael Byron, for an overall investment of approximately $38 million.
Atheneum is a word with Greek roots that refers to a building or room where books, periodicals and/or newspapers are kept for ready use.
This site “makes sense for an apartment community because it’s so conveniently located,” Byron said. ”With all the amenities and grocery stores and everything else around there, it feels like things are growing around that site. The Westside Library going in right there is just kind of the icing on top.”
Byron said the apartments will be reserved for residents making no more than 60 percent of the area’s median household income with monthly rents expected to range from $970 for a one-bedroom unit to roughly $1,350 for a three-bedroom.
In addition to the residential units, preliminary site plans also call for a dog park, playground and clubhouse equipped with a community room and computer center. The clubhouse also will house an on-site leasing and management team, Byron said.
The project timeline is contingent on the company applying and receiving Iowa Finance Authority tax credits for which Pedcor will apply this fall. If unsuccessful this cycle, Byron said the plan would be to reapply in the future.
Land sale one funding stream for new library
The Pedcor site is part of a larger 27-acre parcel previously purchased by the Cedar Rapids Public Library Foundation for development of the new Westside Library, which is currently under construction to replace the existing Ladd Library.
Library Director Dara Schmidt said the foundation was only able to buy the land for the library if it bought all 27 acres, so it did so with the intent to divide the land after the initial purchase and resell the extra acreage.
The foundation had a preference for projects that would positively contribute to housing and/or community development, Schmidt said, and the Pedcor project emerged as a positive fit.
“The foundation was very conscientious about wanting to make sure that whoever did buy that second parcel would be complementary to the neighborhood and to the library,” Schmidt said. “As everyone knows, affordable housing has been an issue in Cedar Rapids for forever, so we were thrilled to have” Pedcor step forward.
The Cedar Rapids City Council last fall approved the necessary rezoning to allow for residential development on the site, and the sale of the property was finalized in late May.
Pedcor paid approximately $2.6 million for the land, and Schmidt said those funds will be funneled back to support the ongoing Westside Library development. Construction on the roughly $25 million library project began last fall, and the facility is expected to open in late 2026.
The new library will measure roughly 40,000 square feet, compared to 28,405 square feet at the Ladd building. Schmidt said the increased footprint will allow for expanded material storage, as well as additional meeting rooms and programming space.
The facility was laid out to offer increased accessibility features for patrons with disabilities, she added, as well as connections to walking trails and sidewalks for pedestrian use. Visitors also will be able to access a new city park to be built adjacent to the library.
The City of Cedar Rapids previously allocated $6 million in American Rescue Plan Act funding to the Westside project, and the Linn County Board of Supervisors allocated $4 million in ARPA funds.
Additional funding comes from the recent Pedcor sale, as well as the foundation’s ongoing $10 million capital campaign. That campaign is supported by charitable donations, Schmdit explained, and library leaders expect to meet their fundraising goal this summer.
“It’s been moving and humbling, really” to see the charitable support thus far, Schmidt said. “It feels like we’re getting that stamp of approval where people (in the community) are saying ‘Yes, I believe in you and what you are trying to do, and it’s important to me too.’”
To support the capital campaign or keep updated on the Westside Library project, visit crlibrary.org/westside.
Comments: grace.nieland@thegazette.com
Daily Newsletters