Hunter
03/16/21
Construction will begin soon on a redevelopment project in downtown Iowa City.
KCRG TV reports that the Tailwind Group, based in Mankato Minnesota, will be redeveloping five buildings in the 100 block of East College Street, and be designated as historic landmarks. The city is awarding $12 million in tax increment financing as part of the agreement.
A new 11-story building is part of the development, to be constructed behind the existing five buildings. It will house over 100 market-rate apartments of various sizes. Tailwind will forgo the requirement for affordable housing in the building and instead pay the city $1.8 million to be used for future projects that would include affordable housing.
The former Martini’s and Union Bar will be split into smaller spaces for retailers; the Riverside Theatre will move from its North Gilbert Street location to the third floor of the Crescent Building as early as next February.
The station reports that the apartments should be ready for occupancy by August 2022 and the retail spots should be set up before that.