Business

Tiffin's Park Place developers sign major tenant

Bank, single-family homes taking shape

This rendering depicts the mixed-use Park Place that the Ders Group plans to develop. (Ders Group)
This rendering depicts the mixed-use Park Place that the Ders Group plans to develop. (Ders Group)

Construction is on schedule for Park Place and City Center, a $275 million, more than 450-acre mixed use development west of Interstate 380 in Tiffin.

The Ders Group of North Liberty is in charge of the project, which will include apartments, a bank and a church, offices, retail, restaurants and single-family homes.

Alex Andersen, chairman and CEO of the Ders Group, said a iGYM of Cedar Rapids has signed a lease for a 9,600-square-foot anchor space in New York, a large building with multiple tenants.

It will be the fitness company’s first location in Johnson County.

“The building also will have two drive-throughs, including one for a tenant that we cannot disclose at this time,” Andersen said.

“Our iGYMS in Cedar Rapids are 12,000 square feet,” said Curtis Meier, co-owner with his sister, Chelsey Meier-Oberreuter, of iGYM. “We’re going to have saunas and retractable garage doors that will open on nice days to provide outdoor workout space.

“If you add the outdoor workout space, it will be about the same size as our other iGYMs in Cedar Rapids.”

Andersen said the building should be ready for occupancy in spring 2022.

Farmers State Bank of Marion is constructing a 4,000-square-foot branch on Park Road in Park Place.

The foundation and floor are complete and the structure itself is beginning to take shape, according to Lynn Ciha, Farmers State vice president of marketing.

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“A recent stretch of dry weather has kept the project on schedule,” Ciha said. “We are looking at a mid-January opening.”

The Tiffin office will be the first branch that Farmers State Bank has outside Linn County. The bank has offices in Cedar Rapids, Alburnett, Hiawatha and Marion.

Veritas Church of Iowa City purchased a parcel of land and constructed a building at 700 W. Forevergreen Rd.

Andersen said the growing congregation and college ministry has purchased an additional six acres to physically expand to accommodate existing and future needs.

Nick Andersen, president and chief financial officer of the Ders Group, said residential lots have been selling briskly, especially those on cul-de-sacs.

“As soon as we opened them up, many of the lots have gone under contract and sold,” he said.

“These are luxury homes and they are selling very well.

“We sold some land to another developer for duplexes. About half of them, or about 40 units, have been sold.”

The Ders Group has designed Park Place and City Center to allow residents more options to move within the development.

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“Tiffin allows for golf carts,” Alex Andersen said. “... We will have parking spaces to accommodate golf carts.”

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