Historic Tax Credit Redevelopment Opportunity in Waterloo, IA
By Jared Hottle | Published: 2025-07-08T01:00:59.781Z
Historic Redevelopment Opportunity: 517–521 W 5th St, Waterloo, IA
Facing 5th st. White glazed brick
Historic Tax Credit Redevelopment Opportunity in Waterloo, IA
Prime mixed-use site | Historic tax credits | Upcoming RFP | Opportunity Zone
Prominent Cross Streets:
W 5th St: Direct link to Waterloo’s central business district with daily visibility from 5,000+ vehicles.
Washington St: A key corridor connecting to downtown shops, dining, and nightlife.
Commercial St: Proximity to local government buildings, parking garages, and public services.
Redevelopment Potential Information:
Proposed Use: Mixed-use with ground floor commercial + 22 upper-level residential units
Residential Breakdown: Ideal for market-rate or workforce housing
Commercial Options: Boutique retail, café, coworking, or small-format office
Main Floor Square Footage: Approx. 3,000+ SF and basement (divisible for multiple tenants)
Upper Floors: Configurable residential spaces across 2–3 levels
Preservation Status: On Historic Preservation Commission's “Endangered” List
Financial Incentives & Tax Credit Stack:
Historic Tax Credits:• 20% Federal + 25% Iowa State HTC = up to 45% combined eligible costs
Workforce Housing Tax Credit:• Up to $1 million in project incentives available for eligible projects
Opportunity Zone Benefits:• Capital gains deferrals, step-ups, and possible exclusion on long-term holds
City Infill Housing Grants:• Local incentives for downtown housing development
Traffic & Visibility Metrics:
Vehicles Per Day: ~4,900 on W 5th St
Pedestrian Traffic: Growing foot traffic from downtown events and nearby venues
Surrounding Parking: Multiple nearby ramps + on-street availability
Building Specifications:
Stories: 3
Total Square Footage: Approx. 15,000+ SF across all levels
Construction: Solid masonry brick with historical features intact
Zoning: Downtown Mixed-Use (verify with city planning)
Utilities: Public water, sewer, electric, and gas on-site
Ownership: City of Waterloo — RFP coming soon
Nearby Amenities:
Dining & Entertainment:
• SingleSpeed Brewing: Popular taproom steps away
• El Patron Mexican Grill: Casual, local favorite
• Brown Bottle: Fine dining in historic setting
• RiverLoop Amphitheatre: Venue for concerts, festivals, and community events
Grocery & Services:
• Sidecar Grand Crossing: Great for coffee, meetings or remote work
• Local shops, salons, fitness studios within 2-block radius
Transportation & Accessibility:
Road Access: Minutes from Hwy 218 and Hwy 63
Public Transit: Bus lines stop within 1 block
Bike Infrastructure: Dedicated lanes and trails nearby
Walkability Score: High — downtown core with services, food, and nightlife in walking range
Why This Property Stands Out:
This isn’t just another downtown shell — it’s a city-supported opportunity with major upside for the right investor or development group. With the upcoming RFP, now is the time to evaluate, tour, and model your redevelopment plan.
**Want to walk the building or talk numbers?**I’ve already run a full pro forma and walked the site. Are you looking for a Historic Tax Credit Redevelopment Opportunity in Waterloo, IA? This is a project worth looking into. Historic Tax Credit Redevelopment Opportunity in Waterloo, IA
📩 Contact: Jared Hottle🌐 hottlerealestate.com📞 319-288-5382
top floor with green roof
main floor retail and 2 story main floor units