One Park Place project declared “financially feasible”
CEDAR RAPIDS, Iowa— One Park Place, a $103 million 28-story mixed-use tower proposed in Cedar Rapids, was given the green light by a third-party analysis.
The City received the financially feasibility report it requested from the National Development Council on Monday that said the project is viable for Cedar Rapids. The tower passed a similar preliminary analysis in July.
This most recent report determined that the city would have to contribute around $20.5 million for the project. The Corridor Business Journal reported in July that developer Jesse Allen requested a $23 million subsidy.
“We are pleased to hear the outcome of the NDC’s thorough review that One Park Place remains financially viable,” said City Manager Jeff Pomeranz in a release. “Continued diligence is needed to successfully bring this project – and its many components – to fruition, but we are excited to work with Jesse and his team to begin the next phase of this project by negotiating a development agreement.”
City Council can start negotiations for a development agreement with One Park Place, LLC. The city says it will bring it up at their next council meeting December 6.
The tower would be the tallest in Cedar Rapids if built.