Community Development

Housing

Cedar Rapids has been awarded one of the Best Places for Affordable Homes, according to CNN, Fortune and Money Magazine. Find the latest information on housing in our community by visiting the Cedar Rapids Association of Realtor’s web site, www.crrealtors.org.

As a part of our community development initiatives, our Development Committee works with community leaders and developers to bring more housing options to the downtown core and neighboring areas. Downtown has a unique variety of housing options, including loft projects in the New Bohemia Neighborhood that offer the type of eclectic urban living spaces considered unique to our community.

Available housing options

  • Bottleworks Lofts & Condos
    905 Third Street SE
    319.364.5053
    www.bwloftcondos.com
  • Cedar River Tower
    100 First Avenue SE
    319.364.0085
  • Geneva Tower
    310 Fifth Avenue SE
    319.366.0454
  • River View Condos
    400 First Street SE
    319.362.5566
    www.riverviewcr.com
  • Roosevelt
    200 First Avenue SE
    319.366.0200
  • Water Tower Place
    900 Second Street SE
    rjones@heritage-associates.com

Interest Builds for Downtown Housing

Interest in living in downtown Cedar Rapids was evident when more than 170 people attended the Economic Alliance’s Urban Living event held earlier this year – almost three times the number of people who attended similar past events. And, as downtown Cedar Rapids continues to undergo a transformation, developers have been watching and responding with new housing projects and proposals.

Information gathered by the Economic Alliance following the Urban Living event provides some insight into the minds of potential downtown dwellers. For example, the two key audiences downtown living appeals to are young professionals and empty-nesters.

A post-event survey of attendees showed a majority of respondents were interested in a two-bedroom home. Those who had interest in buying a home indicated they favor a price range of $150,000-$199,000.

Other survey results show the renewed energy of downtown and the walkability were key to the appeal to living downtown. Some of the obstacles cited were access to amenities (food, drug stores, etc.) and parking availability.

See all survey results here.

In addition, members of the Economic Alliance downtown housing group have tracked the current occupancy rate for downtown housing properties. According to information gathered from the owners of the largest downtown housing property owners, the occupancy rate is 93-95%, which means there are few openings for the growing list of potential downtown residents.

The Urban Living event featured 10 projects and/or proposals, of which three are now under construction. The event also applauded the partnerships needed to accomplish downtown housing, including the efforts of city government staff, the Cedar Rapids City Council and other community leaders. With continued effort from these leaders, new units of downtown housing coming online in the next couple of years could be unprecedented in modern Cedar Rapids history.

All the information, planning and construction track with what is being seen nationally. And, it follows what community leaders have known from the Vision Cedar Rapids Downtown Framework Plan (which guides local economic development), suggests downtown housing is essential in creating a vibrant downtown.

Click here to learn more about the Vision Cedar Rapids Downtown Framework Plan.

The plan clearly explains the importance of a community’s downtown and how it defines and separates it from other cities. In Cedar Rapids, it’s also the job center and entertainment hub for the entire region, with more jobs, more businesses, more entertainment venues and a higher concentrated tax base than any other area of the region. Its success is uniquely and inescapably entwined to the success of the entire metropolitan area and beyond.

The City of Cedar Rapids is also working with Maxfield Research, Inc. to monitor the condition of the housing market. Preliminary findings of their research show a continued need for housing replaced in the core neighborhoods and downtown. Maxfield’s comprehensive study of the city’s housing market is expected to be released this fall.

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