Waverly’s Multi-family Rental Unit Production Grant was funded $3 million for the construction of 18 new units in vacant upper and lower stories downtown. The competitive funding, $12 million of which was available for communities statewide with populations 50,000 and under, was awarded by the Iowa Economic Development Authority’s Community Development Block Grant. Nineteen communities across the
state received the federally funded awards which will assist communities to recover housing lost during the catastrophic flooding event of 2008. Waverly’s project consists of four property owners and five buildings containing a total of 18 units located in Waverly’s Main Street District. The total project will invest over $3.5 million into Waverly’s downtown buildings. Recipients of the award include 106 W Bremer Ave; 98 E Bremer Ave; 104 E Bremer Ave; 112-114 E Bremer Ave; and 118 E Bremer Ave;
This project is in direct response to the City of Waverly’s Downtown Master Plan, an initiative administered by the Waverly Chamber of Commerce in 2012. Residential upper story development is one of the top initiatives of the plan. “This is a huge achievement for Waverly that will accelerate the work of the Downtown Master Plan, creating attractive apartments that promote downtown living,” stated Bill Wilson, Chamber Board Chair. Most successful downtown commercial districts combine first floor retail and service offerings with residential uses in upper floors. While Waverly’s Main Street District experiences high occupancy on ground floor levels, over 70% of upper stories are currently vacant, and many have been for 50 or more years. The addition of 18 new units in Waverly’s Main Street District will provide economic vitality, utilizing existing infrastructure and creating a denser population base. One new resident living in a downtown district can create as much economic impact to a downtown district as four new jobs. “This project is incredibly exciting for Waverly,” says Emily Neuendorf, Chamber of Commerce Executive Director, “The biggest economic beneficiary of upper-floor housing is actually not the property owner, but the entire downtown district.” According to a recent study prepared for Main Street Iowa by PlaceEconomics in Washington, D.C., a couple living in an upper floor downtown apartment paying $500 in rent per month will add nearly $20,000 per year to the downtown economy, strengthening local businesses and the community at large.
“This will add vitality to our downtown area with more people living in the area, thus more shoppers and diners,” stated Mayor Bob Brunkhorst. “We are excited to see parts of our community’s downtown master plan accomplished.”
