HomeMy WebLinkAbout10.25.2004•
COUNCIL WORK SESSION
October 25, 2004
4:30 p.m.
Council Chambers
Members present: Mayor Hurley, Kincaid, Greenwood, Clark, Schmitt, Gunderson, Welper.
Members absent: Cole.
Moved by Gunderson, seconded by Kincaid that the Agenda, as proposed, be approved. Ayes:
Six. Absent: Cole. Motion carried.
Brian Vanderwalle from Vanderwalle & Associates updated the council on request for
qualifications for the Cedar Valley Art Mall Mixed -Use Development. The Cedar Valley Art
Mall Mixed -Use Development site is located downtown, west of the Cedar River and boarded by
the Cedar River, Commercial Street, the existing Arts Center, US Bank and Waterloo Public
Library. The city is seeking interested and qualified development firms to develop and own, or
bring in an acceptable ownership group, a mixed -use development in the Cedar Valley Arts Mall.
The Downtown Redevelopment Master Plan Update identifies properties along the Cedar River
for the Arts Mall. The project is intended to create a mixed -use building to complement the
economic, recreational and cultural improvements planned for the Arts Mall and downtown. The
structure is planned to contain first level parking, a plaza -level restaurant, retail shopping, a
bookstore, a coffee shop and market -rate housing, or other uses complementary to an arts center.
The housing project is expected to be market -rate, dense housing to complement the planned
urban activities for downtown Waterloo. Selection of a developer for the project will be
determined using a submittal and interview process. A Project Review Team will conduct
interviews with pre -qualified teams. After interviews, the development team will be selected and
enter into an exclusive right to negotiate. The developer will draft a proposal during the
negotiation period and this will be recommended for approval by the council. The Project
Review Team will consist of the Mayor, Council Member, Community Development Board
Member, WDC Member, Community Planning and Development Director and City Engineer.
Vanderwalle & Associate will serve as professional consulting staff to the Project Review Team.
The request for qualifications will be looking for a qualified developer who knows about
financing, architectural team, one who knows how to put package together and build and market
the development. The team will not only be looking for a developer, but will look at local source
of capital, encourage local teams to be developed around architect and real estate investment.
The characteristic of a development team includes: one who understands the cost of project,
someone who has built mixed -uses, market experience and someone with equity/finance
capability.
The request for qualifications for the Eastside Riverfront Housing Project seeks interested and
qualified development firms to develop and own, or bring in an acceptable group, a residential
development in downtown Waterloo. The development site is located in downtown, east of the
Cedar River and bordered by Sycamore Street, Water Street, 8th Street and the C and NW
railroad tracks. The city expects additional development to continue along the Cedar River to
east 11th Street. The Downtown Redevelopment Master Plan and the Rath Area Neighborhood
Plan presents the overall context of the project. The development site is located in the Rath Area
Neighborhood within the historic center of the city on the northeast side of the Cedar River. The
Downtown Master Plan Update identifies properties along the eastern and western banks of the
Cedar River for riverfront housing. The project is intended to create market -rate riverfront
housing to complement the economic, recreational and cultural improvements planned for the
downtown. The redevelopment site will become the initial residential component to the planned
downtown improvements and is planned to help attract a young, urban workforce. The
development should be market rate and dense. It is anticipated that cost for a condo on the
eastside project could start at $130,0000 and up. Average rent in other cities with similar
projects is $800 to $1,200 per month. The same request for qualifications process used for the
Cedar Valley Art Mall Mixed -Use Development will be used for the Eastside Riverfront
Housing Project.
Council Work Session
October 25, 2004
Page 2
It was the consensus of the council to authorize city staff to proceed with the Request for
Proposals for the Cedar Valley Art Mall Mixed -Use Development and Eastside Riverfront
Housing Project.
Don Temeyer, Community Planning and Development Director, reviewed the proposed
performance area. The location is in the floodway so a band shell cannot be constructed, but the
performance area will be large enough for the municipal band to perform.
With no further business before the council, it was moved by Welper, seconded by Gunderson
that the meeting be adjourned at 5:20 p.m. Ayes: Six. Absent: Cole. Motion carried.
Nancy Eckert
City Clerk
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