[Urbannizer]

Cedar Rapids to enter negotiations for One Park Place incentives

Dec. 6th, 2016

CEDAR RAPIDS — Cedar Rapids City Council unanimously has authorized city officials to negotiate public incentives for what would be the tallest building in the city.

During a meeting on Tuesday, city staff presented the framework for a possible development agreement between the city and Jesse Allen, the developer behind One Park Place, a 28-story, $103 million high rise proposed on Third Avenue SE.

“This is a fantastic addition to the downtown and the city, if we can make it happen,” City Council member Scott Olson. “I just want to make sure, as we look at these final pieces, we feel confident in what may occur.”

Allen initially had sought $23 million up front for his project, which would include a grocery store, hotel, parking ramp, condos, apartments and a rooftop restaurant. But negotiations are moving forward with no public money up front.

Formal negotiations should begin after a six-month financial review by the National Development Council, a third-party consultant. That review, released on Nov. 21, called the project financially feasible but also identified a $20.5 million gap where public money was needed.