CEDAR FALLS — A new residential and commercial development could be coming to downtown Cedar Falls.
The Cedar Falls Planning and Zoning Commission on Wednesday discussed the development of two buildings at the old Wells Fargo site on the corner of Main Street and Third Street.
River Place Properties II LC is proposing construction of a three-story building at 302 Main St. It would include approximately 6,600 square feet of commercial space with a drive-thru on the ground level. The second and third floors would house approximately 15,200 square feet of office space, according to city documents.
The six-story building at 123 E. Third St. would include approximately 9,200 square feet of commercial space on the first floor with below-grade structured parking. The second floor would hold more parking with the potential for additional office space. The third through sixth floors would contain a total of 25 residential units.
“When we presented the idea to Community Main Street they were on board to see something better than what’s there now,” said Taylor Morris, Eagle View Partners project manager. The project is estimated to cost between $20 million and $25 million.
River Place Properties II is owned by Eagle View Partners, which is owned by Mark Kittrell.
“It will double our investment downtown,” Morris said. Tenants are already lined for the commercial complex.
There is a demand for higher-end residential condos downtown, Morris said.
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Dr. Chad Smith, Taylor Veterinary Hospital owner, and others voiced concerns about the project’s size and that it will increase parking problems for the area in an email and during the commission meeting. The veterinary hospital will be one of the six-story building’s neighbors.
“Any pedestrian or driver going north on State Street is essentially going to see a skyscraper,” Smith said.
The developers’ proposal included a study that concludes “there is sufficient developer-controlled private parking to support the project.”
That study was conducted by the Wantman Group Inc., which earlier this year completed a parking study for the city. The City Council voted in February to implement the study’s findings.
Short-term solutions the study recommended include charging people to park in the lots behind downtown businesses at a rate of 50 cents per hour with a maximum rate of $3 until 5 p.m., when $3 becomes the flat rate, and offering permit parking in those lots for 20 percent of the spaces.
Long-term solutions include charging people to park on downtown streets, re-evaluating zoning requirements for residential developments and working through public/private partnerships with developers to create additional public parking.
The same group that conducted the parking study did a separate study on the proposed property.
The commission will discuss the plans again at its March 27 meeting.