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Washington University in St Louis sees terrific opportunity for redevelopment as Goodwill leaves Cortex
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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.
Iowa City Press-Citizen
Since 2017, a Mankato, Minnesota-based developer and property manager has been scooping up properties on the south side of College Street in downtown Iowa City s pedestrian mall. Two years of negotiations with city came to fruition Tuesday night, when the Iowa City Council signed off on a tax increment financing agreement to support a major renovation along the pedestrian mall in the city s core.
The Tailwind Group s $56.4 million redevelopment encompasses buildings that, prior to the pandemic, housed El Patron Restaurant to the west through Martini s on the east.
Here s a look at what to expect and what s next: