After the success of “The River” Talon Development ready to construct second market rate housing development
Mason City's newest housing development "The River" south of Southbridge Mall
MASON CITY — The City Council in Mason City tonight will consider approving a resolution of support for a Workforce Housing Tax Credit application by the company that constructed “The River” housing development as they are ready to build another development in the downtown area.
Talon Development opened “The River” development in the former overflow parking lot south of Southbridge Mall earlier this year with 130 high-quality, market rate apartments. Talon is now ready to construct a 102 unit complex north and west of their first facility upstream on Willow Creek in the brownfield area west of the intersection of 2nd and South Washington.
City Administrator Aaron Burnett tells KGLO News that the site contains foundations of previously demolished buildings and that it will require environmental remediation, but the development will provide the best opportunity to get the land back to productive use.
The first project was provided a tax abatement incentive of 10 years and 100%, which will be offered for this project as well, but Burnett says due to the significantly higher costs of materials, a tax credit from the State of Iowa is needed to keep rents at the market rate like the first development.
The council meets at 7 o’clock tonight in the Mason City Room of the Public Library.