Cedar Falls company wants to build up to $12 million in apartments in Decorah
Posted: Tue, Jun 5, 2018 4:30 PM
Echo Development Group of Cedar Falls (https://echodevelopmentgroup.com/
) has submitted a proposal to the City of Decorah to construct four multi-family buildings totaling just under 200 apartment units.
Company representatives have met with city officials to outline their plans, which call for building one 46-unit apartment complex on property in the Decorah Business Park, then building another three units over time. "Each building will have a minimum assessed value of $3 million," the company told city officials.
While the location in the Decorah Business Park is unique, developers say the proximity to the Toppling Goliath brewery would be a draw. Apartment units would include studio apartments and one-bedroom apartments.
The developer is discussing terms of an agreement with the City of Decorah. As part of that agreement, it is asking for a ten-year tax incremental financing agreement ranging from 90 percent to 70 percent over the ten year period.
Presentation of the plans starts what could be a long process of site plan approval, development agreement approval and other steps along the way. Said Echo representatives, "We look forward to continued opportunities from discussion as we move towards providing much-needed Decorah housing."
An architect's drawing of the proposed development