The City of Waterloo (City) has entered into a development agreement with The Battery Building LLC of Iowa City, IA to rehabilitate the historic Central Battery Building located at 221 West 5th Street. The 3-story mixed use structure formerly housed various businesses including an automotive parts and supply company and the Waterloo Chamber of Commerce but has been vacant for decades. Neglect and vadalism had recently rendered it a brownfields eyesore. The City acquired the blighted commercial property under IAC-657A of the state code in 2025.
The Battery Building LLC will transition the structure into 19 residential units, cafe, and co-working/event space. The $6.63 million project is expected to create 119 jobs (42 construction and 77 indirect) with an estimated total economic impact of over $11.7 million. Elected officals committed grants totaling $665,000 towards the project, as well as tax rebates at 70% for 15 years. Emergency structural repairs funded by the City totaling $259,315 have already been completed at the building.
The City expended its EPA Brownfields Multipurpose Grant funds to complete Phase I and II Environmental Site Assessments, as well as an asbestos containing materials (ACM) survey, to help faciliate the project. Iowa DNR has also committed to providing financial assistance to abate ACM from the structure prior to commencing renovation activities.
