Historic Tax Credit Redevelopment Opportunity in Waterloo, IA

Historic Redevelopment Opportunity: 517–521 W 5th St, Waterloo, IA

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