City Council approved a development agreement with private investors to construct a four-story mixed-use building at the site of the former flea market on September 8, 2015. The $2.5 million structure will include 30 rental units on the upper three floors with parking and a commercial space on the ground level. The City of Waterloo purchased the blighted two-story property located at 801-805 Commercial Street 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.
