The city has started its search for a partner in a multimillion-dollar parking facility project that would include residential and commercial space.
The city has sent out a request for proposals from private developers for the residential and commercial space in a multi-use parking facility that could cost $48 million to build. The parking ramp portion of the building would be publicly owned.
The structure is to be built at Linn and Court streets, at the site of the former parish hall of St. Patrick’s Catholic Church.
The city would own and operate approximately 575 parking spaces, which will serve downtown and the Riverfront Crossings area to the south, which is to be redeveloped. The city estimates its cost at $15.65 million.
The preliminary plan calls for the privately developed and owned portion of the building to include about 96 housing units that are affordable and aimed at young professionals. The city also would like it to include a modest amount of office space and stores, like a coffee shop or dry cleaner, that support residents but don’t compete with downtown businesses.
The privately developed section could cost up to $33 million, said Jeff Davidson, Iowa City’s director of planning and community development. He said it’s possible the developer could receive public assistance in the form of something like tax increment financing.
The city likely will negotiate something that is consistent with its concept for the facility but according to a private developer’s business model, Davidson said.
Responses to the request for proposals are due Feb. 17. The city hopes to begin construction in the upcoming fiscal year, which starts July 1.
The concept is similar to two recent parking facilities the city has built: Tower Place and Court Street Transportation Center, which have retail and office space.