IOWA CITY, IA—CA Ventures and Janko Hospitality have just topped off the Hyatt Place Iowa City, located in one of two towers that comprise the venture's RISE at Riverfront Crossings development in downtown Iowa City. Located at the southwest corner of Court and Linn streets, the 575,000-square-foot mixed-use development will include a 332-unit apartment building connected to a second that will house the 151-room hotel, as well as street-level retail and office space. Scheduled for completion in August 2018, it is the first and only development of its kind in downtown Iowa City.
“Iowa City and Riverfront Crossings in particular are thriving, and we knew we could apply our strength in urban mixed-use development to meet the need for amenity-rich rental housing and lodging in the downtown area,” says JJ Smith, principal of CA Ventures. “The development's proximity to the University of Iowa campus will make it appealing to students and visitors alike, while the office and retail space will further raise the profile of the neighborhood.”
This development marks the third time CA Ventures has developed a Hyatt Place hotel, with previous projects in Champaign and Normal, IL. The Iowa City hotel, which Janko will manage, will offer modern guest suites with separate living and sleeping areas, a large desk, oversized sleeper sofa and 42-inch high-definition televisions. On-site amenities available to hotel guests include an indoor pool, fitness center, business center, several meeting rooms, a bar/café with dining area and multiple lounges. The project also includes underground parking.
The development is a short walk from Iowa City's Pedestrian Mall and business district, home to over 40 restaurants and sidewalk cafés, more than 70 locally owned shops, nearly 100 service businesses and dozens of organized activities from outdoor yoga and block parties to farmers markets and chef-driven events. In addition, the Old Capitol building and Pentacrest, the heart of the University of Iowa campus, are just a half-mile away from the property.
In addition to the hotel, the 15-story tower will include 25,000 square feet of office space, located on the third and fourth floors, as well as 6,000 square feet of street-level retail offering tenants double-height ceilings and frontage along Court and Linn streets. Capable of accommodating users requiring between 2,000 and 20,000 square feet, the office space will expand options for Iowa City businesses in a market where only 20% of the existing office stock is considered class A.
“The right to develop the site was awarded to us through a city-run RFP process, and we are completing the project without public financial incentives,” adds Smith. “With undergraduate enrollment up 11% over the past four years, the recent $360 million expansion of the University of Iowa Children's Hospital and the lack of comparable developments in the downtown area, we saw an opportunity to deliver a compelling mix of uses that will support Iowa City's continued growth.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
