‘Wow’ and risk in Cedar Rapids high rise plans

Growing up in a town where the tallest structure was a grain elevator, it was a very big deal when our family's rare travels took us to a city with a skyline with towering buildings. It was a thrill to catch those first glimpses of Minneapolis or St. Louis or even Des Moines.

So when I picked up the paper Tuesday and read a 28-story high rise is in the running for a parcel of city-owned land in downtown Cedar Rapids, the eight-year-old still sitting in the back seat of my adult brain said, 'Wow!”

The $103 million One Park Place would be the city's tallest building. If you believe lists on the web, it could be Iowa's fourth tallest. The Alliant Tower, across the street from the proposed site, is ninth-tallest. All the rest are in Des Moines, including No. 1, the 45-story 801 Grand tower.

I understand a list of Iowa's tallest buildings is like a list of New York City's top farm implement dealers, but still.

And One Park Place isn't the only project that could shake up our list. A Des Moines developer just unveiled plans for a $107 million, 32-story apartment tower in the capital city, complete with a ground-floor movie theater and outdoor climbing wall.

But my front-seat adult brain has questions.

One Park Place, which would feature apartments, a hotel, offices, a parking garage, a grocery and more, is up against two less towering but high-quality projects with advantages. The $33 million, 14-story Avalon Sky Lofts would feature apartments and potential retail. The visually attractive 11-story, $33 million plan by Aspect Designs would feature condos, a clinic and a grocery store. Tough choices.

Of course, it goes without saying, public incentives are baked into these cakes. City Community Development Director Jennifer Pratt says Avalon and Aspect are looking for 15-year, 100 percent property tax reimbursement, potentially through Tax Increment Financing, or TIF. Avalon is also seeking state tax credits.

One Park Place, however, wants $23 million up front from the city. Pratt says it's the equivalent of a seven-year, 100 percent property tax reimbursement. It is a much larger project than its competitors, but a big upfront incentive is a big risk. Too big, in my view. Projects, prospects and economic circumstances can change so swiftly. Ask Westdale's deleted park.

'We tend to try not to do (upfront funding), especially since the flood. We want to keep our bonding capacity available, because we would have to bond for that. We don't just have $23 million sitting around,” Pratt said. She says many projects ask for upfront help, but the city prefers pay-as-you-go. Negotiations ahead.

How would another downtown hotel affect the city-owned DoubleTree? Would a building of that size put costly pressure on city infrastructure? Would a specialty grocery make it downtown, or would it be the next Fresh Market? City staff will be seeking to answer these and many other questions.

'We're excited, Pratt said. 'But there's a lot of work to be done.”

Three good projects is a nice problem to have. Staff will make a recommendation to the city council later this month. No back seat eight-year-olds will be consulted, as far as I know.

l Comments: (319) 398-8452; todd.dorman@thegazette.com