HomeMy WebLinkAboutWS5 - 21 S Linn DiscussionItem #WS5
STAFF PRESENTATION TO FOLLOW:
14 1 � 44
CITY OF IOWA CITY
410 Fast Washington Street
Iona City, lova 52240-1826
(319) 3S6-SOOO
(319) 356-SO09 FAX
wMv. icgov.org
PROPOSAL UPDATE
APRIL 15, 2025
21 S. LINN
STREET
PUBLIC -PRIVATE
REDEVELOPMENT PROCESS
Feb - Jun 2024 Public Engagement Planning & Execution - ✓ COMPLETE
1. Staff develop public engagement plan for City Council approval
2. Execute public engagement plan with public/stakeholders
3. Present public engagement/input results to City Council
Jun - Aug 2024 RFP Development - ✓ COMPLETE
1. Staff draft RFP based on City Council direction
2. Staff and City Council update of TIF policy
3. RFP finalized and approved by City Council in public Work Session
Sep - Oct 2024 Issue RFP - ✓ COMPLETE
1. Issue RFP (60 days for response)
Nov 2024 - May RFP Review based on previously established process
2025 Additional Public Input will be solicited on finalist proposals
RFP APPROVAL
CRITERIA:
The City purchased the site to
facilitate private redevelopment in a
manner that is in the best long-term
interests of the downtown economy and
larger community.
Additionally, it is expected the private
development will generate annual property
tax income which the City can reinvest in
critical public services.
The purpose of this RFP is to solicit
proposals from developers and
development teams for the development of
a contextual, mixed used, and property tax
generating building on this property. The
City intends to work toward conveying this
property to the selected development
team.
As the field of
developer
candidates
narrows,
proposals will
become more
detailed and
refined
REVIEW PROCESS
RFP Response
Finalist
Development
Agreement
GRAND
RAIL
DEVELOPMENT
21 S. LINN STREET
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DEVELOPMENT
21 S. LINN STREET
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QUICK REFERENCE TABLE
6 to 8 stories
Steel Framing (Type II)
6300 sf flex entertainment or
combination of restaurant, retail,
and other uses
3 floors*
2 floors*
16*
4*
$21.5m*
$15.6m*
$3,000,000
None
12 stories
Mass Timber (Type IV)
7500 sf Englert Theatre venue /
eating establishment and 2000 sf
micro -retail
3 floors
8 floors
46
45
$32.3m
$21.5m
$2,000,000
$9m (est. 60% increment for 15 yrs)
* Grand Rail has indicated an ability to increase from 6-stories to 8-stories to increase
residential and/or commercial uses. The summary data only accounts for the 6-story concept
CITY COUNCIL FEEDBACK ON FINALIST PRESENTATIONS TO COUNCIL SELECTION OF
RFP RESPONSES COUNCIL PREFERRED DEVELOPMENT
CONCEPT
STAFF PRESENTATION CONCLUDED
CITY OF IOWA CITY
410 East Washington Street
Iowa City, Iowa 52240- 1 826
(319) 356-5000
(319) 356-5009 FAX
www.icgov.org