Innovative partnership between Upper Iowa University and city spurs condominium development in Fayette
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The North Ridge Condominium development at the corner of Mechanic and Madison streets in Fayette resulted from a land exchange partnership between the city and Upper Iowa University. The condos were built by CJ’s Construction. |
FAYETTE, Iowa (November 8, 2011) – An innovative partnership between Upper Iowa University, the City of Fayette and CJ's Construction of North Liberty has added eight new contemporary-design condominium units to the Fayette housing market, with the potential of up to 12 more units to follow. The North Ridge Condominium development is located at the corner of Mechanic and Madison streets.
"Instead of looking at Fayette for housing, potential new residents – including many of our new Upper Iowa University employees – are choosing to move to nearby towns for attractive, affordable homes," said UIU President Alan G. Walker. "The UIU strategic plan calls for helping to ensure the economic development of our community in order to sustain a vibrant, thriving location for the University, and we are strongly motivated to work with the city of Fayette and others to ensure the existence of desirable housing and to keep new residents local. We not only want to help make Fayette a regional destination that brings in visitors, we also want to see Fayette grow its population base to support healthy, local businesses."
"With the population of Fayette decreasing, in part because of a lack of homes that are inviting in both design and price, we wanted to work with the city and see what we could achieve to change that," added Andrew Wenthe, UIU vice president for external affairs. "This partnership is the kind of creative, win-win economic development that will strengthen both our community and the University."
According to Wenthe, the partnership involves a 5.6-acre parcel of land that was owned by the city and that is located directly adjacent to UIU's softball field on Wadena Road, which the city exchanged for a University-owned 3.8-acre parcel of land in the 500 block of Mechanic Street. The City of Fayette agreed to accept a bid from the University on its land near the softball field in exchange for the University's plot and the University's facilitation of a residential housing development there. CJ's Construction was selected to buy and develop the plot, while the city laid the groundwork for tax abatements on the property and building materials that helped get the project off the ground.
"The city originally wanted to build housing on the Wadena Road parcel," said Christie Dennis, Fayette city clerk. "When the University offered its parcel as an alternative location for the housing, the city agreed. UIU is helping the city do what it wanted to do, but on the land that had been owned by UIU."
Melissa Hodapp with Skogman Realty & CJ's Construction said the condominiums include both two-story and ranch configurations. A two-story unit features three bedrooms and two and a half bathrooms, priced at $132,900. The ranch-style unit has two bedrooms and two baths, priced at $137,900. Both types of condominiums feature open floor plans in the main living areas. Each unit includes a two-bay garage and a deck. Located four blocks from Main Street, the development is within walking distance of Fayette's downtown and Upper Iowa University.
"These are great housing options for those who work in Fayette and would like to live as close to their jobs as possible," Hodapp said. "They also could be a boost for area merchants, adding local customers for eateries, shops and services."
Details about the condominiums are available online at www.fayettere.com or contact Hodapp at http://MelissaHodapp.Skogman.Com.
About Upper Iowa University
Founded in 1857, Upper Iowa University is a private, not-for-profit university providing undergraduate and graduate degree programs and leadership development opportunities to over 6,800 students—nationally and internationally—at its Fayette campus and learning centers worldwide. Upper Iowa University is a recognized innovator in offering accredited, quality programs through flexible, multiple delivery systems, including online and independent study.
Contact:
Monica Bayer Heaton
Executive Director of Communications and Marketing
Phone: 563-425-5773
Cell: 515-291-2070
heatonm@uiu.edu