Folks in Dubuque have been hearing the same thing from employers for a while: people want to work here, but they can't find a place to live. On Kerper Boulevard, 201 new apartments just opened to help with that.
Mayor Brad Cavanagh cut the ribbon on Oct. 14 at Union at the Marina, an affordable housing community at 2660 Kerper Blvd. It's two four-story buildings next to the river and A.Y. McDonald Park, with 201 one-, two- and three-bedroom apartments for households earning at or below 70% of the area median income.
"The need is clear," Cavanagh told KCRG. "There's not enough housing. The housing that's there isn't good enough."
A $55 million project
The developer, Indiana-based The Annex Group, put the price at $55.1 million in its announcement of the ribbon cutting. The community sits on just over five acres in Dubuque's Point Neighborhood.
Here's how the money came together, according to Annex:
- Equity: WNC provided about $21 million.
- Construction loan: Piper Sandler provided $36 million in construction financing.
- Permanent loan: Piper Sandler also provided more than $24 million in permanent debt.
- Tax credits: The Iowa Finance Authority issued 4% tax credits and tax-exempt bonds.
- City help: The City of Dubuque provided acquisition grants, tax increment financing and lift station upgrades.
KCRG reported the city's TIF will run up to $5.1 million over 15 years, and that Annex bought the land from the city in 2024 for $4,020,000.
Annex listed ASK Studio, Axiom Consultants and Impact Housing Indiana Corp. as partners on the project. Neither Annex nor the news coverage named a general contractor.
The amenities include a playground, community center, fitness center, picnic area, dog-walking area and on-site property management. There's also a rooftop deck with views of the Mississippi River from the east end of the property.
KCRG reported that, according to the complex's website, the income limit is $52,150 for one person, $59,570 for a couple and $66,990 for a family of three.
Cavanagh pointed to the location. "201 units in a great part of town," he told KCRG. "We've got a park right next door. You've got a community pool right next door. You've got thousands of manufacturing jobs right down the street."
Annex says the community is near two schools, a pharmacy, a grocery store and a post office. It estimates residents will generate nearly $4 million in local tax revenue by 2036.
Why Dubuque needs it
A study by the Greater Dubuque Development Corporation says Dubuque County needs 2,500 more housing units by 2035 to keep up with workforce needs and demographic changes, KWWL reported.
"Companies go where people are, and people can only be where they can live," Greater Dubuque Development Corporation CEO Jason White told KCRG.
Cavanagh said the project wasn't an easy sell for everyone. "It was a great process, I mean everybody worked well together to get this done," he told KWWL. "And you know as a community this is new and there's been some challenges in getting everybody in the community on board with the fact that we need housing like this."
Annex President Tom Tomaszewski said the company looks for places where it's needed. "There's such a housing shortage and in particular in the lower-income and middle income bands," he told KWWL.
This is Annex's third Iowa open house this fall, after Union at River's Edge and Union at Bluff's Run. Residents are already moving in, and the company expects the remaining units to go fast.
Why it matters for Contractors
Two four-story buildings with 201 apartments is a big job in a city of Dubuque's size, and Annex is clearly busy in Iowa, with three communities opening this fall. That's worth noting for framers, roofers, MEP subs, drywall and finish crews who want to be on the list for its next project. The city's role matters too. Lift station upgrades show how a multifamily job can bring utility and civil work along with it. And with a study calling for 2,500 more units in Dubuque County by 2035, there should be more housing work coming. Since no general contractor has been named publicly for Union at the Marina, subs interested in future Annex projects should reach out to the developer directly.