Coralville’s Iowa River Landing is on its way to getting another residential development, after the city council voted to approve an $8 million land lease agreement in a 4-1 vote Tuesday night.
Construction on the multi-story residential development, which will include 60 condos on Ninth Street and 13 townhouses above retail space on the Landing’s main street, is expected to begin this fall. Coralville City Administrator Kelly Hayworth said construction will wrap up in the spring of 2015, and the units will likely be available to the public to buy or rent around the same time.
The development will include one and two-bedroom units.
Hayworth said Tuesday he was not yet sure what the cost of the project would be, but added the city is only contributing money to purchase the retail space on the first floor, for $210 per square foot. The retail space is expected to be about 15,000 square feet.
This residential unit, which is being developed by Gary Watts through Watts Development Group, is the second residential development on the Iowa River Landing. The first was the Iowa Riverbend Condo project.
Hayworth said the city is excited to offer more opportunities for people to live on the Iowa River Landing.
“This is a great project, to have another housing opportunity and mixed use facility in the area,” Hayworth said. “There has been strong demand for housing in that area, so this will be a great project.”
Watts could not be reached Tuesday regarding the possible cost of the project, or how much each unit would cost to rent.