City eyeing new downtown development
Downtown Council Bluffs may see a $20 million investment project that would bring back to life a mostly vacant building, along with a new building directly to the west.
Clarity Development Co. owns the yellow four-story building that used to house a bank at 500 W. Broadway. The city owns the parking lot directly to the west and is leased out for employees at the Omni Centre, according to Wade.
According to the memorandum of understanding, Clarity would like to purchase the parking lot and utilize it as the site of a four-story building featuring a restaurant, plus retail and offices on the main floor with 60 to 70 apartment units on the upper three floors.
Clarity’s plan would also rehabilitate the existing building it owns with similar uses for the main floor and 25 to 35 apartment units on the upper floors. Total investment is listed at $20 million, according to the memorandum.
The developer is also asking for about $3 million in tax increment financing.
White Lotus Group is the manager of the current building.