Cedar Rapids projects receive economic development tax incentives
CEDAR RAPIDS — Four Cedar Rapids projects are among 20 approved for the Brownfield/Grayfield Redevelopment Tax Credit Program Friday by the Iowa Economic Development Authority.
The four projects — The Depot, The National, former Monroe Elementary, and Kingston Quarters — received $2.6 million in tax credits, which is about 25 percent of the $10 million awarded.
“The IEDA’s Brownfield/Grayfield program provides much needed support and is a true success story for the state of Iowa as an incentive program that helps move forward worthy projects,” Brian Crowe, economic development strategist with the Cedar Rapids Metro Economic Alliance, which assisted in applications, said in a statement. “The IEDA board recognized the potential in each of these four projects in Cedar Rapids and we look forward to seeing each one completed.”
Brownfield projects restore grounds with environmental contaminants back to productive use, while grayfield project return underutilized grounds to productive use.
Here is a look at the four Cedar Rapids projects receiving tax credits:
- The National — $936,000 for 2025 Development LLC’s The National Project, at 1202 Third St. SE. This project is a remodel and renovation of the former Chrome Horse building in the New Bohemia District into a new, five-story multiuse building with shared parking structure. The project includes approximately 70,000 to 80,000 square feet of commercial, office and retail space along with 20 residential units. The $16 million project is set for construction in late summer 2017.
- The Depot — $700,000 for Depot Development LLC’s The Depot, at 460 12th Ave. SE. The project’s “building C” in the New Bohemia District is a 42,000-square-foot, three-story, mixed use building with the ground floor housing a commercial, office, retail mix with two upper floors of 26 market-rate residential condominiums. The $5.1 million building is planned for construction in late spring 2017.
- Monroe Elementary — $267,000 for the The Affordable Housing Network Inc.’s restoration of the former Monroe Elementary, 3200 Pioneer Ave. SE. The $4.2 million project is to convert the school into 19, two-, three- and four-bedroom apartment units, including half at market rate and the other half targeted to those earning 80 percent or less of average median income. Construction is scheduled for early 2017.
- Kingston Quarters — $750,000 for Kingston Quarters, 353 Second Ave. SW, by Progression LC, a division of Aspect Architecture. The unused gravel parking lot is to be redeveloped into a row of 12, two-story market-rate town homes. Construction is scheduled to begin this year.