CEDAR RAPIDS — A developer is proposing a $33 million complex called Hidden Creek Development with senior housing, market-rate apartments and storage units off Boyson Road NE.
The master plan from developers Skogman Construction and Boyson Road Development calls for 81 independent and assisted living units, three commercial-retail buildings totaling 21,400 square feet, 120 market rate rental units split into four 30-unit buildings, and 270 storage units.
The complex would be located at 605 and 765 Boyson Rd. NE, west of C Avenue NE. The part of the site with the storage units is considered to be in a cell tower fall zone, which limits what can be built there. Part of the site also is in a flood plain, further complicating development.
“This is a very difficult site ... so they obviously got very creative with what they could work with,” said Council Member Ann Poe. “It’s a good use of that space that just kind of sits there otherwise.”
The City Council unanimously approved staff negotiating a development agreement, which outlines proposed tax subsidies in years to come.
The council also supported rezoning 12.62 acres of the land from an office/service zone district to a planned unit development 2 zone.
City staffers are recommending a 10-year, 100 percent tax break on increased taxes for the residential and a 10-year, 50 percent tax break for commercial components.
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Of the $8 million in estimated taxes generated over a 10-year period, $5.8 million would be reimbursed, while the city would collect $3.2 million.
The agreement could come back to City Council by the end of August, said Jennifer Pratt, director of community development.
Council member Ashley Vanorny questioned whether city staff had discussed including affordable housing among the 201 housing units, but the topic had not been broached.
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