The Council Bluffs City Council on Monday evening took action that moved a proposed retail/apartment building in the 100 block of West Broadway closer to reality.
The council approved a development agreement between the city and the land owner that would include tax increment financing, plus the use of a federal grant to help pay for the project, which involves a partnership between the Pottawattamie County Development Corp. and J Development Co. PCDC owns the land that is directly east of the Hughes-Irons building.
The two partners want to construct a three-story building with retail on the first floor that would face West Broadway with two stories facing Pierce Street. Retail space would occupy the Broadway first floor with 36 apartments on the two upper floors. A parking lot providing 80 spaces would be installed in the middle. Of the 36 apartments, 19 are to be set aside for government-required renting by moderate- to low-income residents.
J Development officials presented a preliminary drawing of the building. They promised to make some changes that might fit in better with the historic environment.
The project's cost is $7,398,000. City officials were notified in July that a $2.4 million grant from the Iowa Economic Development Agency will assist with the project.
“I think it’s a good project,” said Don Gross, executive director of the Community Development Department.
He said it fits well with the neighborhood’s future plans.
“Our downtown plan calls for three structures on the south side of that block.”