Over 20 development projects were showcased at the third annual Urban Living event

CEDAR RAPIDS - Residents on Tuesday had a chance to catch a glimpse of some of the 400-plus new housing units expected to be built in the downtown area in the coming years.

Twelve developers and property managers showcased more than 20 projects in various stages of development during the Cedar Rapids Metro Economic Alliance's third annual Urban Living event.

Representatives of High Property Management said they are seeing a high demand for living space downtown. Coventry Lofts, a property that began leasing in January, has 19 units but only one still is available.

'Which at the rate they're going now that won't be for very long,” said High Property Management's Lauren Swain.

Tuesday's open house was part of the Cedar Rapids Metro Economic Alliance's push to grow the number of people living downtown. A long-term plan to revitalize downtown was developed in 2007.

Doug Neumann, executive vice president of the Cedar Rapids Metro Economic Alliance, said housing is a key component of the plan because more people means better support for businesses and a stronger economy. Since 2007, 137 new housing units - a mix of owner-occupied, market-rental, and affordable housing - have been added.

According to a Cedar Rapids Metro Economic Alliance news release from 2013, occupancy in housing available downtown is between 93 and 95 percent.

'The problem has been on the supply side,” Neumann said.

He said it can be difficult to attract developers to the area because market rental and sales rates are low enough that they worry about return on investment.

Nonetheless, companies represented at the event expressed enthusiasm about building downtown.

'It's fun and it's growing,” said Tyler Oswood from Newbo Station.

Stephanie Mehmen, marketing manager at Conveyor Engineering and Manufacturing presented plans to repurpose the Clock House at 600 First St SE. into 12 owner-occupied condos on the top three floors.

'You don't find 100-year-old warehouse buildings that are in the condition this building is in,” she said. 'It's been through a flood and it's still just as structurally sound, if not more structurally sound, than new construction.”

About 200 people attended Tuesday's event, including Jessica Montgomery, a Fairfax resident looking for an owner-occupied loft in the New Bo neighborhood.

'We spend a lot of time - whether we're eating out or going to the theater - we spend a lot of time down here,” she said of her and her boyfriend. 'It just seems like every time we leave the house we're headed this way.”