Iowa City Backs Bank's Development Plan for Historic School Site

Iowa City Council members backed preliminary development plans centered on the Sabin school site. It would include a six-story office building anchored by MidWestOne Bank and a parking structure with townhomes.

Officials said it would be the first strictly office building built since the 1970s in downtown Iowa City, which has had several new buildings but typically office-retail hybrids. 

City Council voted 7-0 on a letter of intent to develop a road map to see the project through.

"I think this is a fantastic project. It is really really exciting," City Council member Michelle Payne said. 

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The project was set in motion when MidWestOne agreed to vacate its downtown property so University of Iowa could construct a new school of music. 

The MidWestOne project would require the demolition of the historic Sabin school building just south of downtown Iowa City off South Dubuque Street.

MidWestOne says they will not seek tax incentives. 

"We are doing well. We are a prosperous company," said Charlie Funk, the CEO of MidWestOne. We think we should pay our fair share. Even though we could probably qualify, we would pay our own way from the first day." 

The office building would have photovoltaic panels to generate its own power.

This Gazette report has some more details about the project.