116 3rd St SE
Cedar Rapids, Iowa 52401
IOWA CITY — Demolition of the U.S. Bank drive-through in downtown Iowa City began earlier this month after the property was sold in October.
The property at 21 S. Linn St. was purchased on Oct. 1 from First National Bank for $3.8 million. Information on the city assessor’s website listed the buyer as 21 S Linn Iowa Property LLC. with the same address as CA Ventures, a Chicago-based developer. The total value is $2,046,220, according to the city assessor’s website.
CA Ventures, working with Axiom Consultants, had wanted to build a 13-story mixed-use building at this location. The proposal included 229 residential units, with 188 studio or one-bedroom apartments and 41 two-bedroom apartments. The proposal included razing the U.S. Bank building and parking area.
CA Ventures submitted an application to the Board of Adjustment in August for a special exception to parking rules for the Linn Street building, but was denied by a 3-2 vote. The company’s request for a reconsideration in September was not granted.
About a month after purchase of the land, a demolition permit was applied for Nov. 2 and issued Nov. 29. Kirk Lehmann, an associate planner with the city, said demolition likely started on Dec. 13 but the city doesn’t keep track of that.
Asked if the city had considered purchasing the land — which was the site of the old City Hall building that was demolished in 1962 — Lehmann said “the city never considered purchasing this land to my knowledge.”
Lehmann said Tuesday there are currently no updated proposals or plans pending for the site. CA Ventures Vice President Andrew Savoy has not responded to requests from comment from The Gazette about plans for the site.
Lehmann said the process will depend on what the developer will want to do.
“They would at least apply for a building permit and site plan, which is reviewed and approved by staff,” Lehmann said. “They would not need to go before a city board unless they request something that would trigger it, like a special exception.”
The real estate company previously developed Rise at Riverfront Crossings, a 15-story student housing development with more than 300 units.
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