CONSTRUCTION ON THE 224-UNIT PROPERTY TO BEGIN IN DECEMBER
Cedar Rapids, IA — TWG (www.twgdev.com), a real estate development company specializing in commercial, market rate, affordable and senior housing developments, today announces the development of Annex on the Square, a new mixed-use, mixed-income multifamily property set to cover a city block in downtown Cedar Rapids.
The $49 million property will be located at 501 4th Avenue SE in the heart of Cedar Rapids. As a mixed-income housing development, Annex on the Square will reserve 202 units for those residents earning up to 60% of the area median income (AMI), with 22 units available at market-rate. TWG will serve as the owner and general contract of the property. Floor plans include studio, one- and two-bedroom apartment options.
THE CONSTRUCTION OF ANNEX ON THE SQUARE WELCOMES A NEW CHAPTER OF INVESTMENT TO DOWNTOWN CEDAR RAPIDS,” SAID GRAHAM PARR, DEVELOPMENT ANALYST AT TWG. “A COMMUNITY THAT IS QUICKLY DEVELOPING AND GROWING IN POPULATION, CEDAR RAPIDS WAS THE PERFECT PLACE TO ESTABLISH THIS NEW PROPERTY. THE CITY HAS BEEN VERY SUPPORTIVE AND HELPFUL IN THE RENEWED VISION FOR THIS CITY BLOCK.
The City of Cedar Rapids worked closely with TWG to bring the project to life. “We are thrilled to have this exciting new housing development join our downtown in a key area next to Green Square and the downtown library,” said Cedar Rapids City Manager Jeff Pomeranz. “TWG is helping Cedar Rapids as we continue to focus on a variety of workforce housing options to support job growth in our community.”
Amenities of the new property include a pool, fitness room, business center, bike storage, a gated garage, leasing office and a spacious top floor deck overlooking the adjacent park. The mixed-use property will also feature 1,219 square feet of retail space. According to Studio Architecture, “The modern style and clean lines compliment the neighboring Cedar Rapids Public Library, while the color scheme and materiality tie into the surrounding historic buildings.”
Mark Stoffer Hunter served as the Historian TWG worked with to document and commemorate the buildings currently on the block. Jeremy Tipton of NAI Iowa Realty Commercial served as broker, supporting the project and coordinating the land acquisition. “This project will make a transformational impact on the revitalization of Downtown Cedar Rapids and wouldn’t be possible without the support of the City of Cedar Rapids and the cooperation of the sellers of the property,” said Tipton.
Construction is set to begin in December 2021 and is expected to conclude in January 2024.