At their meeting on Monday, May 4th the Johnston City Council approved the final plat for Cadence Apartments. The plat will combine five existing lots into one to allow for the development of the 92 unit apartment complex. The apartments will be located West of Merle Hay Road and north of a future segment of NW 63rd Place.
The structures that once stood on the five lots have been removed to make room for the three 3- story buildings, which will have an urban design and will be different than anything available in the current Iowa market.
Recently the Johnston City Council determined that the Cadence Apartment project meets tax increment financing requirements for the East/Central Urban Renewal Area and the goals established for the Merle Hay Road Redevelopment Plan. The developers will receive a property tax rebate of 70 percent of the incremental taxes for five years, up to a maximum of $1,356,000. Once the project is complete that city estimates that project will have a new taxable valuation of approximately $21 million, compared to the current valuation of $909,000.
In addition to the new apartment complex there will be some road improvements in the area. NW 63rd Place will be extended between NW 59th Court and Merle Hay Road between Created in Johnston and the new apartment complex.