Apartment, Commercial

The Roosevelt

Type: Rehabilitation, Historic
Role: Developer, General Partner, Manager
Building Space: 96 Affordable and Market-Rate Units
Financing: Iowa Finance Authority Mortgage, Federal Low Income Housing Tax Credits, State Historic Tax Credits, City of Cedar Rapids, EZ Tax Credits Equity, IFA 1602 Funds
Location: Cedar Rapids, IA
Year Completed

Overview / Details

The historic Hotel Roosevelt is a 12-story masonry building located in downtown Cedar Rapids. After being affected by the Flood of 2008, the adaptive reuse converted the hotel into 96 apartment units with market-rate units and income restrictions at 60%. Project amenities include a large second floor community room, fully equipped fitness center, laundry room, and business center equipped with computers for resident use. The basement was converted into additional, secure resident storage lockers.

The historic designation of the building dictated the exterior restoration of the brickwork, the refurbishing of the windows, and the revitalization of the interior corridors and doors. After twelve months of construction, the Hotel Roosevelt now provides four studio, 59 one-bedroom, and 34 two-bedroom units with upgraded amenities including new flooring and fixtures, central heat and air conditioning, and a secure intercom entry system.