Land preparation, including grading and removal of trees, has begun for a new 119-unit apartment complex on the bluff overlooking the Cedar River near Edgewood and Glass roads NE.
High Development of Cedar Rapids is developing Riverview Place, a $15 million project at 3500 Edgewood Rd. NE. The one-, two- and three-bedroom apartments received $3 million of funding from the federally funded multi-family rental unit production program.
The program, administered by the Iowa Economic Development Authority, was designed to replace rental housing units lost in the 2008 flood. Caleb Mason, the city’s federal programs administrator, said city council is waiting to hear from the agency about additional housing projects submitted for funding.
Under the program, 51 percent of the apartments must be rented to households with income less than or equal to 80 percent of the area mean income, a figure that depends on the size of the household. The remaining 49 percent of the units will be rented at market rates.
Travis Armstrong, vice president of High Development, said Riverview Place is projected for completion in July 2014. Under the guidelines for the multi-family rental unit production program, all projects receiving funding must be completed by Dec. 31, 2014.
“Weather pending, the foundation work is scheduled to start in April,” Armstrong said. “We believe it will probably take about a year to finish everything.
“It’s a big project, and we’re looking forward to getting it built and getting it leased.”
A site plan filed with the city indicates Riverview Place will have 104 trees, including 13 replacement trees, and 165 shrubs. The building, which has a slight bend in the middle, will face Edgewood Road on the top of the bluff.
“We believe it will have a nice view of the Cedar River,” said Darryl High, chief executive officer and owner of High Development. “We’ve been working on this project for a long time, and we’re pleased to see construction begin.”
Rinderknecht Associates of Cedar Rapids is the general contractor for Riverview Place. Dave Schmidt Construction of Cedar Rapids is handling the land preparation.
The site plan shows construction of an access drive off Glass Road NE that will parallel Edgewood Road.