Lang
7/8/23
The City of Iowa City is considering purchasing a downtown property after a proposed major housing development planned for the site fell through.
In February of 2022, CA Ventures announced plans to build a 13-story high-rise at 21 South Linn Street, the former location of the U.S. Bank drive-thru. The proposal would have included 228 dwelling units and 255 bedrooms with 2,511 square feet for commercial space. City officials told the Cedar Rapids Gazette they were recently approached by other developers about purchasing the site, which is how they learned CA Ventures was not going to go through with its plans. The company had previously developed the RISE complex on South Linn Street and the Latitude building on the Iowa River Landing.
On Tuesday, the city council will vote on a $4.5 million proposal to purchase the property with money from the city’s general fund reserves. City Manager Geoff Fruin told the Gazette the purchase would allow the city to control the site’s development.