The City entered into a development agreement with Dolly James LLC to construct residential housing on a former brownfields site in January 2012. The $7 million “River Trail Development” project features six three-story 12-plexes located downtown on the banks of the Cedar River. Each of the 72 new rental units includes two bedrooms, two bathrooms, a washer and dryer, and a garage. River Trail Development adjoins the Riverwalk Trail System which offers remarkable views of the community and connects it to downtown entertainment venues.
Project Funding Sources
Iowa Department of Economic Development (IDED)
Iowa Brownfield Fund
Economic Development Administration (EDA)
Project received a $691,750 Iowa Department of Economic Development Iowa Brownfields Fund grant.
City completes buyout of properties to clear way for riverfront housing.
Demolition work of acquired city properties began.
01.2012 | ARTICLE
City Council approves development agreement for riverfront housing project.
Project Success Story
The City utilized Brownfields Assessment Grants to conduct Phase I and Phase II ESAs on properties bound by Sycamore Street, East 6th Street, the Cedar River, and East 8th Street. Light industrial uses historically operated in the area including a sheet metal shop, lumber company, plumbing company, and warehousing operations. The assessment activities eliminated perceived contamination issues and cleared the riverfront area for re-use. The work also allowed the City to satisfy its due diligence and purchase the properties without fear of any environmental cleanup liabilities. The subsequent River Trail Development represents a significant investment in one of Waterloo’s oldest neighborhoods.