R&R plans spec office project in Urbandale
KENT DARR Nov 8, 2017 | 11:11 pm
1 min read time204 wordsAll Latest News, Business Record Insider, Real Estate & Development
R&R Realty is planning a speculative office project that the city of Urbandale hopes will trigger additional investment in an area of the city it recently branded the Urban Loop.
The office project calls for two two-story office buildings of 45,000 square feet each with a connector that could feature a rooftop patio between the buildings. The $9 million project would be located on 6 acres of land near the southwest corner of 121st Street and Meredith Road.
The Urban Loop is a four-mile-square area located mostly in the north-central section of the city on either side of Interstate 35/80 where the city estimates that 700 acres are available for development.
The city has negotiated a development package with R&R that is tied to the development of a Class A office project and is a hybrid of its 10-year, 90 percent tax rebate for office projects. Because the R&R development is being built without tenants in hand, the Urbandale incentives will be tied to employment levels.
“We want to see the development of Class A office, plus the creation of jobs,” City Manager A.J. Johnson said.
The Urbandale City Council will have a public hearing on the development agreement during its Nov. 21 meeting.