Johnston announces another project for Merle Hay Road corridor
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BUSINESS RECORD STAFF Apr 27, 2015 | 4:08 pm
1 min read time
221 wordsAll Latest News, Real Estate and DevelopmentLand is being cleared along Merle Hay Road in Johnston for a Hubbell Realty Co. apartment development that is part of the city’s efforts to improve the corridor.
The Johnston City Council has approved a five-year property tax rebate of 70 percent of the taxes based on improvements to properties that Hubbell purchased from the city north of Northwest 62nd Street near 6300 Merle Hay Road, where Hubbell will build 185 to 205 high-end apartments, according to a release. Hubbell paid $843,660 for the properties.
Rebates have a cap of nearly $1.4 million. According to city estimates, the property will have a taxable valuation of about $21 million once it is completed. Current value of the land is $909,000.
The Cadence Apartment project will take the place of several blighted structures that occupied the site. The apartments will be located in three three-story buildings and will have urban design features not currently available in the central Iowa market, according to the release.
Features include landscaping and green space that exceed city requirements, as well as a pool, clubhouse, fitness center, outdoor courtyard and business area. Construction should begin this spring.
Other improvements in the area include the completion last year of a $10.6 million Public Safety Building and the 2012 opening of the Cornerstone Commons senior housing community.