Union at Wiley helps fill Cedar Rapids low-income housing need

Local officials and developers say the completion of the Union at Wiley housing project in southwest Cedar Rapids represents a key step in addressing the city’s affordable housing shortage. At a ribbon-cutting ceremony Aug. 31 for the $37 million Union at Wiley development, 4227 21st Ave. SW, developer Tom Tomaszewski, president of the Indianapolis-based Annex Group, said the project provides 180 affordable housing units to Cedar Rapids “at a time where we need it most.” He noted that when he first came to the project site, it was completely vacant and located in an area that had been heavily impacted by the 2020 derecho, including a neighboring apartment complex that came to epitomize the derecho’s destructive force. Plans for the project were first announced in June 2021. “It was a great time to start this project,” Mr. Tomaszewski said. “We look to come in and be a catalyst to the communities where we build our housing projects. We’re proud of the place we’re providing for our residents.” He noted that since the project was completed “a few months ago,” nearly all 180 units in the complex – 36 three-bedroom units, 72 two-bedroom units and 72 one-bedroom units – have already been leased. “It just goes to show the need for housing in Cedar Rapids,” Mr. Tomaszewski said.

Cedar Rapids mayor pro tem Ann Poe said the project aptly represents Cedar Rapids’ slogan, “Welcome is our language,” by providing an affordable home for existing residents and newcomers alike. She also noted the project is conveniently located within a mile of three of the region’s top 20 employers and 10 minutes from downtown. “Union at Wiley illustrates exactly the type of project we need to move forward, transforming our growing community while enhancing the quality of life for residents and continuing the momentum and the investment in our growing southwest quadrant,” she said. Other speakers at the ribbon cutting ceremony included Kim Reem, regional director from Sen. Joni Ernst’s office; Rochelle Fuller, regional director from Sen. Chuck Grassley’s office; and James Klein, president of Cedar Rapids Bank & Trust. The Union at Wiley provides housing for residents who earn up to 60 percent of the area median income (AMI). Project amenities include a clubhouse with a television, gaming area, playground, fitness center and street and carport parking options. Development partners on the project included Sebree Architects for architecture, Crockett Engineering and Ament Design for engineering, Summit LIHTC Consulting as the LIHTC consultant, Hayes Gibson Property Services for property management and GLD Commercial as the broker. The Annex Group served as the general contractor for the project, while CREA, LLC (CREA) served as equity partner, providing close to $13 million in low-income housing tax credit (LIHTC) equity. Cedar Rapids Bank & Trust provided construction loan financing of $27 million and permanent loan financing of $18.3 million. Union at Wiley is the first Iowa development for the Annex Group, but Mr. Tomaszewski said the company has already broken ground on a housing project in Waterloo and is closing on a Des Moines project "in the very near future." Annex Group is also considering other projects in the Cedar Rapids area, he noted.