Hy-Vee Property Officially Sold to Alatus for Major Development
Though subject to change, the initial proposal includes:
-Between 20-60,000 square-feet of retail space anchored by a grocery store on the east side
-400-600 market-rate apartments on the east side above the retail space
-A substantial City park/public open space amenity at the center of the development
-Significant upgrades to area infrastructure for storm water and sanitary sewer utilities
-A low density, single family housing development on the west side of the property
-Underground parking
-Environmentally sustainable amenities, such as solar panels, rain gardens, and high efficiency heat/cooling
Alatus closed on the purchase of the site Aug 6. The City will seek public feedback as plans move forward, with a particular focus on the public park portion of the project. It would be a new City park in an area that otherwise doesn’t have one. The project has the potential to grow the City’s tax base considerably, continue the City’s goal of revitalizing Central Ave, and attract future investments from other developers, Chirpich said.
9-1-2021