New developer takes the helm of Broad and Main project in Uptown Marion

Original contractor for Broad and Main on Seventh will now serve as developer for Broad and Main on Sixth

Broad and Main on Sixth site
The site of the future Broad and Main on Sixth development, at 1107 Seventh Ave., in Uptown Marion, as seen Feb. 2, 2025. CREDIT RICHARD PRATT

The second phase of the Broad and Main project in Uptown Marion is moving ahead, after a foreclosure proceeding against the project’s original developer was resolved during a mediation session.

Marion City Manager Ryan Waller said the Broad and Main on Sixth project, at 1107 Seventh Ave., is now slated to begin construction this spring, joining its associated development, Broad and Main on Seventh, a $13 million multi-use building completed in 2022 with businesses on the first floor, spaces for local development groups on the second floor and 35 residential rental units on the upper floors.

The companion project, Broad and Main on Sixth, a four-story building just to the south at 1226 Sixth Ave., was originally slated for completion in 2024. An estimated $12 million project, this development will consist solely of residential units, with a total of 42 one- and two-bedroom apartments, amenities including an outdoor dog run, fitness center and bike storage room, and underbuilding parking for residents.

The development of that project subsequently stalled, and Mr. Waller said Cedar Rapids Bank and Trust, which had originally financed the project, filed a foreclosure notice in September 2023 against Eagle View Partners, the original developer of the Broad and Main project, over millions of dollars in unpaid loans.

As part of a negotiated settlement agreement completed Jan. 16, Des Moines-based DCI Development, which served as the general contractor for Broad and Main on Seventh, assumed ownership of the entire project and is now moving ahead with the development of Broad and Main on Sixth.

Broad and Main on Sixth rendering
A rendering of the Broad and Main on Sixth project, to be developed along Sixth Avenue in Uptown Marion. CREDIT CITY OF MARION

According to the development agreement with the city, DCI Development will acquire a building permit for the project in April, with construction of footings set to begin in September. A certificate of occupancy for the building is set to be issued in December 2026.

The project includes total development incentives of up to $6.9 million, including a $3.5 million economic development grant from the state of Iowa and a $3.4M TIF grant from the city of Marion, consisting of an 80% tax rebate annually for 20 years on each of the two Broad and Main buildings.

Mr. Waller said the Broad and Main project was an important factor in the approval of a $3 million Destination Iowa grant for the Central Plaza project, which is set to be completed later this year, featuring a refrigerated ice skating loop, an enclosed Depot Pavilion, water features, art, seating areas and fire tables.

“Broad and Main has served as a catalyst for all the activities in Uptown Marion,” Mr. Waller said. “It’s a beautiful project, and we’re looking forward to Broad and Main on Sixth being constructed. We’re beyond thrilled. We’re trying to do our part to help the region flourish.”