CEDAR RAPIDS, Iowa (KCRG-TV9) -- Cedar Rapids city leaders will try again to fill a highly visible location downtown with a multi-story development project.
The original plan for a $100-million dollar, 28-story One Park Place project failed late last year due to financing.
The city will now offer the same parking lot, at 3rd Avenue and 1st Street S.E., for developers to pitch a new plan.
Jennifer Pratt, Cedar Rapids Development director, says council members are still interested in a mix of housing and retail or commercial space.
And while the large One Park Place project had trouble getting financed, the city won’t put any limits on the proposals. However, there will be some minimum requirements to meet.
“At least a five story building to fit in with the area. We also ask that the development fill the entire (parking lot) space so we’re holding that corner and maximizing development in the area,” she said.
City council members are expected to hold a public hearing and authorize asking for proposals in late May.
Pratt says proposals will be due around the end of July with the city expecting to make a decision sometime in August.