Council approves vacant lot purchase

BY DI STAFF | NOVEMBER 13, 2013 5:00 AM

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The Iowa City City Council voted 7-0 on the resolution to approve the purchase agreement of a previously proposed high-rise south of Burlington Street.

Hieronymus Square Associates, which first made an offer to purchase the property west and south of the Mod Pod building in September 2012, was in the running to purchase the property after not receiving competing proposals to purchase the land.

Hieronymus Square offered $770,000 for the property, with $100,000 of that price going to air rights to allow a building with southern facing windows to be built on the property line.

However before developing a structure, the new owners must approve a number of contingencies, which include approval from federal transportation and to develop with the Mod Pod structure.

The group was allotted 90 days to clear the contingencies, but City Manager Tom Markus can extend the time if needed.

— by Rebecca Morin

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