City Council approved additional incentives for the construction of a new 5-story building located at 801-805 Commercial Street on the former flea market site. The development agreement provides 20 years of 75% tax abatement on the former brownfield property. The 5-story structure will include both residential and commercial components and is expected to open in late 2021.
The City purchased the blighted two-story property in February 2013. The land formerly contained industrial uses such as a blacksmith shop, a gas engine and implement manufacturing operation, an auto garage, and an auto parts and battery manufacturer. Environmental investigations conducted under the City’s EPA Brownfields Assessment Grants cleared the site for re-use. Funding provided by the Iowa Department of Natural Resources (IDNR) under its Section 128-A program helped with asbestos abatement.
Rendering of the final project (echodevelopmentgroup.com)
