As work continues at the former Hotel Maytag to get the building stabilized and ready for redevelopment, another effort is underway to find developers and investors interested in taking on the endeavor.
The City of Newton purchased the building in early September for $549,000 with the intent of owning it for a limited time before a financial investor is selected to complete the renovations.
“We are actively working with developers on final proposals for the Hotel Maytag rehabilitation project,” city director of finance and development Bryan Friedman said.
Friedman said in recent months the city has had a dozen developers respond to the request for proposals. The next step in the process includes holding a meeting and tour with the interested developers at the end of January. Full final proposals will be due in February for those with serious interest in taking on the project.
“I am very encouraged by the interest that the development community is showing in this project,” Friedman said.
In the meantime, the city continues to work on maintenance and necessary repairs in the building to get it ready for redevelopment. Some of the work already completed includes replacing broken safety lights and light fixtures on stairwells and upper floor elevator lobbies, repairing the leaking fifth floor roof, repairing key air conditioner units serving the Capitol II Theatre, replacing a piece of crushed sewer main below the basement floor, replacing a malfunctioning commercial water heater, repairing leaking steam pipes under the theater, repairing leaking windows on the west side of the building affecting Midtown Café, Silverado and Bloomin’ Nails spaces and completing a comprehensive hazardous materials study.
Newton Development Specialist Craig Armstrong, who is charged with the stabilization project, said the city is also working to replace ceiling tiles that were damaged by two separate but fairly devastating plumbing leaks. The area affected by the leaks include Capitol II Theatre, Midtown Café, the former Silverado location and Bloomin’ Nails.
The city took an interest in the building following a lack of progress made by former developer, Frantz Community Investors. The Cedar Rapids-based company announced intentions for a $10 million renovation project in March 2015 that included adding 35 market-rate apartments, commercial space and an upscale restaurant, but little to no progress had been made and financing had not yet been secured to start on the project.
Contact Jamee A. Pierson at 641-792-3121 ext. 6534 or firstname.lastname@example.org