Hunter
05/26/21
The University of Iowa is looking to have a four-story senior housing building developed on land they own near Finkbine Golf Course.
The Gazette reports that the University’s request to the Board of Regents details the project. It would have 110 units specifically for adults over age 55. The school would have no financial stake in the development and would not provide any equity or capital. Melrose Partners LP would lease the land from the University and pay rent of $130,000 yearly, rising ten percent every five years. The UI would own the development after 30 years if the lease is not renewed.
Because it’s University of Iowa property, the land would remain tax free. Only the building would be subject to local property taxes. Officials say that the school has been actively working with the developers regarding the layout, architecture and landscaping of the proposed building.
Four years ago, the UI announced plans to tear down the University Athletic Club and replace it with a hotel. The Gazette reports that the university is partnering with Quad City-based company Focus Development to re-imagine over 44 acres of land around Finkbine property, developing it into housing, commercial, entertainment, and food/beverage venues at the various sites over the next several years.