Ground broken for Kingston Village apartment complex

City officials and developers braved Tuesday's bitter cold temperatures to break ground for a new apartment complex southwest of downtown Cedar Rapids.

Kingston Village Apartments will be a $9.7 million, 64-unit complex at 600 Second St. SW. The four-story project, which will be constructed on land formerly occupied by smaller houses, is scheduled for completion in October 2015.

The complex will offer one-, two- and four-bedroom units with a patio or balcony and a clothes washer and dryer. The building also will include a manager's office, fitness center, community room, and business center.

Kingston Village Apartments, developed by Tom Sather of T.W. Sather Co. of Madison, Wis., and Rickard Sova of Landover Corp. in Lake Barrington, Ill., will offer affordable and market-rate apartments. It will be managed by Oakbrook Corp. of Madison, Wis.

The project, which will be located on land impacted by the 2008 flood, was approved for tax credits by the Iowa Finance Authority as well as receiving property tax abatement and land grants from the city of Cedar Rapids.

The Iowa Economic Development Authority Board also approved workforce housing tax credits for Kingston Village Apartments.

'We are very grateful for the tireless efforts and skilled assistance from all our friends at the Iowa Finance Authority, the Iowa Economy Development Authority and especially at the city,” Sather said. 'We believe this major project will be a catalyst to the continuing redevelopment of downtown Cedar Rapids.”

Kingston Village Apartments is the latest in a number of housing projects either constructed or planned for the area in and near downtown Cedar Rapids.

The Iowa Economic Development Authority is considering projects that the City of Cedar Rapids has recommended for the latest round of federal housing funds for multifamily housing.