Cedar Rapids Sets New Record for Construction Permit Valuation

Cedar Rapids Sets New Record for Construction Permit Valuation

The City of Cedar Rapids has set a new record for the total reported valuation of all building permits. For fiscal year 2018, the total valuation of building permits was $376 million, surpassing the previous record set in fiscal year 2012 by $29 million, and surpassing last year’s total by $130 million.

“It’s rewarding to see the numbers reflect what we’ve been witnessing for the last several years, which has been an increase in residential, assisted living, industrial, and commercial growth,” says City Manager Jeff Pomeranz. “This new record represents a strong blend of public and private investment, and we are excited to continue this trend moving forward.”

The top 20 projects represent work on public and private development, ranging in size from $4 million to $24 million. A number of private development projects have contributed to this year’s growth, such as Lil’ Drug Store’s new 100,000 square foot world headquarters, located on Earhart Lane SW.

New construction (commercial, single family, and multi-family) made up $183 million of the reported value for fiscal year 2018; while renovations, additions, and repairs made up $193 million.

“These numbers tell a very positive story about our community’s growth and vitality,” says Mayor Brad Hart. “We are proud to make Cedar Rapids a place where public and private development continues to thrive.”

REPORTED VALUATIONS OF THE LAST 10 YEARS:

• FY 18: $376 million 
• FY 17: $243 million
• FY 16: $246 million
• FY 15: $236 million
• FY 14: $236 million
• FY 13: $280 million
• FY 12: $347 million
• FY 11: $244 million
• FY 10: $197 million
• FY 09: $289 million
• FY 08: $296 million

 TOP 20 VALUATIONS BY PROJECT FY18

GRAND LIVING AT CEDAR RAPIDS
Location: 325 COLLINS RD SE
Type: New
Valuation: $24,834,000.00

EASTERN IOWA AIRPORT (CONCOURSE B)
Location: 2121 ARTHUR COLLINS PKWY SW
Type: Addition
Valuation: $21,300,000.00

COTTAGE GROVE PLACE
Location: 150 Cottage Grove Ave SE
Type: Addition
Valuation: $16,421,000.00

UNITED FIRE GROUP - CORE
Location: 123 1st AVE SE
Type: New
Valuation: $16,374,181.00

PRAIRIE HIGH SCHOOL
Location: 401 76TH AVE SW
Type: Addition
Valuation: $16,237,620.00

LIL' DRUG STORE PRODUCTS
Location: 9300 EARHART LN SW
Type: New
Valuation: $10,834,000.00

STONEY POINT MEADOWS SENIOR HOUSING
Location: 1900 STONEY POINT RD SW
Type: New
Valuation: $10,267,595.00

UNITY POINT SKILLED NURSING
Location: 1420 UNITYPOINT WAY NE
Type: New
Valuation: $9,300,000.00

CEDAR RIVER BLUFFS LUXURY APARTMENTS
Location: 2415 River Bluff Dr NW
Type: New
Valuation: $7,115,000.00

KINGSTON FAMILY APARTMENTS
Location: 217 7TH AVE SW
Type: New
Valuation: $6,134,147.00

PHYSICIANS CLINIC PARKING GARAGE
Location: 834 3RD AVE SE
Type: New
Valuation: $6,108,050.00

TRANSAMERICA LIFE INSURANCE CO - REMODEL
Location: 6300 C ST SW
Type: Remodel
Valuation: $6,000,000.00

CRESTWOOD RIDGE APARTMENTS
Location: 1200 Edgewood Rd NW
Type: New
Valuation: $5,675,000.00

DIAMOND V MILLS
Location: 2575 60TH AVE SW
Type: Addition
Valuation: $5,542,000.00

UNITED FIRE GROUP
Location: 123 1st AVE SE
Type: Remodel
Valuation: $5,505,541.00

CYPRESS LOFTS - 51 UNIT APARTMENT BLDG
Location: 1225 JACOLYN DR SW
Type: New
Valuation: $5,094,800.00

COMFORT INN & SUITES
Location: 710 America Dr SW
Type: New
Valuation: $5,000,000.00

SONOMA SQUARE 36 UNIT APT BLDG
Location: 5650 MUIRFIELD DR SW
Type: New
Valuation: $4,550,000.00

49TH AVE DR WAREHOUSE - SUPERSTRUCTURE
Location: 600 49TH AVE DR SW
Type: New
Valuation: $4,300,000.00

VAN METER - WAREHOUSE ADDITION
Location: 915 32ND AVE SW
Type: Addition
Valuation: $4,200,000.00