Marion advances mixed-use project that will add hundreds of new housing units

Developer Chad Pelley (right) talks to Alex Rannow (center) and Monique Rosete about the Kingston Lofts and a multiuse project in the former Great Furniture Mart building during an Urban Living in Downtown Cedar Rapids open house in 2021 at the Cedar Rapids Metro Economic Alliance. Jim Slosiarek/The Gazette

MARION — A large new mixed-use growth referred to as Rookwood Estates will add about 1,000 housing models to Marion over a number of phases within the coming years, creating new housing inventory amid a scarcity.

An entity led by Marion-based developer Chad Pelley of Twenty40 Constructing Ideas will construct the houses in phases north of Freeway 151 over the subsequent decade or so.

The Marion Metropolis Council this week authorised rezoning the east portion of the event — a 121.04-acre website south of Fernow Highway and east of Bluegrass Road — from AG, Agricultural Holding, to PUD, Deliberate Unit Improvement.

One other Rookwood part is below development to the quick west of the location.

With public funding in metropolis parks and a close-by faculty being constructed within the Linn-Mar Group College District, Pelley stated the undertaking represents a partnership between himself and the town of Marion.

This part of the undertaking, Rookwood East, consists of quite a lot of housing varieties, with a complete of 577 models deliberate:

  • Single-family (indifferent) entrance load storage, 94 models
  • Single-family (indifferent) alley load storage, 56 models
  • Row homes (four-plex) alley load storage, 68 models (17 buildings)
  • Duplex homes (two-plex) alley load storage, 75 models (37 buildings)
  • Multifamily, 284 models (three tons)
  • Business tons, 14 tons

Pelley stated value factors would range from roughly $200,000 and extra for owner-occupied housing. Rental prices additionally would range however he stated he hopes to maintain that housing market-rate.

Marion’s 2022 Housing Wants Evaluation, accomplished by Maxfield Analysis and Consulting in September 2022, recognized a possible demand for two,739 new common occupancy housing models in Marion between 2022 and 2030.

The evaluation acknowledged that assessors within the tri-city space reported “a mixture of low rates of interest, the influence of the (2020) derecho and customarily a vendor’s market have mixed to create substantial demand for houses.”

That resulted within the common house worth in Marion spiking by greater than 8 % in 2020 and 2021 and from January 2022 via August 2022, with the typical sale value climbing to $282,140 at that time in 2022.

⧉ Associated article: Marion median house value elevated 7% over final 12 months

As somebody born and raised in Marion, Pelley stated this undertaking is “close to and pricey” to him.

“That is my neighborhood,” Pelley stated. “They helped increase me. I need to give again … To me, meaning creating neighborhoods — not simply subdivisions and never simply suburbia, however an all-inclusive, all-encompassing, amenity-rich, sustainable neighborhood that has housing for all, in addition to issues to do — folks, walkable parks, trails, wetlands and playgrounds and canine parks and also you title it.”

Business customers aren’t lined up but, however Pelley stated he needs it to be walkable and supply quite a lot of issues to do, creating an inviting vibe like in Salt like Metropolis the place neighborhood industrial areas entice folks to have interaction with a number of retailers and companies or outside actions.

He stated work will probably give attention to housing first to get the households to assist industrial exercise.

Each one may have a entrance porch so individuals are engaged and interacting all through the event, Pelley stated.

By deliberately being aware of the atmosphere and restoring prairies and wetland, he stated the purpose is to draw like-minded folks to this “vacation spot of Marion.”

“It represents a master-plan, large-scale growth in a small neighborhood,” Pelley stated.

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