2021 has the potential to be one of the most “bullish” construction years in recent memory. As Marion recovers from the August derecho and 12+ months of a nagging pandemic, investors see pent up demand for multi-family housing, flexible industrial warehouse, and redevelopment opportunity along Marion’s Central Corridor and elsewhere. Marion Economic Development Corporation is proud to be working with construction projects underway valued at $110M.
In the heart of the community, Broad & Main on 7th (pictured, left) represents the first of several planned investments by Cedar Falls based Eagle View Partners. The project represents more than a decade of community input, planning, new road investments, and the creation of an environment that is now attracting high quality development. The $25M+ Broad and Main redevelopment plan calls for two properties to be constructed in succession at 1101 7th Avenue, currently the Marion Square Plaza strip mall:
The first building, Broad and Main on 7th, includes a three-story mixed-use property with two large commercial bays, micro retail space, and 39 market rate residential units. Construction is anticipated to begin in April and be complete in Summer 2022. The city of Marion will also complete major street reconstruction and streetscape improvements along 7th Avenue in Uptown Marion during this time.
“We’re expecting to find folks of all ages who are interested in living, working and playing in a vibrant district. We’ve seen that adding residential density in an urban center complements existing shops, bars and restaurants; Uptown residents will become their most loyal customers. Both residents and businesses come to add a lot of value for one another, and it’s this relationship that contributes to a district’s long-term success,” said Mark Kittrell, Owner and CEO of Eagle View.
As supply chains react to the impacts of a pandemic, market demand continues to increase for flexible warehouse space. Two projects planned in the Marion Enterprise Center have the potential of providing more than 100k square feet of leasable space (pictured, left). Both buildings are designed to accommodate multiple medium sized users or companies interested in up to 60k square feet. While shovel ready ground is an asset to a community, developing speculative real estate buildings are an equally important tool to have in the toolbox. More information on these facilities can be found at medociowa.org/availablebuildings.
New multi-family projects continue at East Town Crossing and along 5th Avenue along Marion’s Central Corridor. One of the more visible projects coming in 2021 is Green Park Apartments (pictured, left). This $25M redevelopment project will transform the former YMCA site into 147 market rate units. The project will be constructed in several phases with the first building anticipated to be under way this year.
“We’re pleased to see development confidence remain high in our community,” says MEDCO President Nick Glew. “As supply chains and material costs continue to recover, 2021 will be a year of developers responding to pent up demand across multiple sectors while taking advantage of a favorable interest rate environment.”
Elsewhere in the community, companies like Hy-Vee and Cedar Rapids Bank & Trust are reinvesting in new facilities that continue to drive forward the vision of Marion’s Central Corridor (both projects pictured, left).