City of Coralville News

Posted on: June 2, 2015

Arena Project in Iowa River Landing Receives Preliminary Funding Approval

Iowa Arena

***Updated June 19, 2015***

The City of Coralville received preliminary approval for $9,532,000 in funding from the Iowa Economic Development Authority’s Reinvestment District program. The requested funds would support construction of a new 7,000 seat multi-use arena, fitness/sports performance center, and permanent home for the Johnson County Historical Society Museum and Antique Car Museum of Iowa. Other elements of the $185 million project in the Iowa River Landing include parking and privately developed buildings offering residential and commercial space and two new hotels.

About the Iowa Reinvestment District Program
Through the Iowa Reinvestment District program, a municipality may receive 4% of the retail sales that are subject to sales tax, and 5% of the sales subject to the state hotel and motel tax, for new development in a district to support eligible projects. This program does not create additional sales tax paid by consumers; it diverts existing sales tax revenues from the state to a municipality to support projects that improve the quality of life in a community.

Application Process
A pre-application requesting $12 million in funding was submitted in March 2015. City officials and partners, including the Iowa City/Coralville Area Convention and Visitors Bureau, were invited to present the project to the Iowa Economic Development Authority board in late May 2015. In June 2015, the IEDA board approved the City to proceed with a complete, more detailed application by March 2016 for $9,532,000 in funding for the reinvestment district.

Project Financing Includes Plans for Arena to Open Debt-Free
The City of Coralville’s investment in these projects will be a donation of property; in addition to the Iowa Reinvestment District funding, private fundraising would occur to ensure the arena opens debt-free. Other elements of the project, with the exception of the parking, will be funded privately, through fundraising and/or private financing.

View the Arena
Watch a video of the proposed Iowa Arena.

Iowa Arena & Other Features
Elements of the project include:

  • Iowa Arena: Plans in the Iowa River Landing have long included an arena south of 9th Street. The Iowa Arena would include a single, full-size sheet of ice to support use by the University of Iowa club hockey team and Iowa City/Coralville youth hockey team. Concerts, amateur sports tournaments, and other events are also planned for the 7,000 seat arena.
  • Iowa Fitness and Sports Performance Institute: The one-of-a-kind, state-of-the-art, multi-use facility for athletes of all ages would provide training to elevate the fitness, skill, performance, and endurance of athletes of any level. This facility would be connected to the Iowa Arena and partner in crossover opportunities. The lower level of the Institute would include four indoor multi-purpose courts for use by youth sports clubs and middle and high school athletes. Locker rooms, a kitchen, and referee space would make this an ideal space for tournaments. Training and group instruction and specialty camps for all levels of youth sports would also use the space. The second level concourse would be dedicated to sports science and advanced training metrics with physical therapists, nutritionists, and specialized strength and conditioning coaches leading evaluation and instruction. The space would include weights and cardio areas, track, and field turf.
  • Museum/Retail: This mixed-use, multi-story building would also be adjacent to the Iowa Arena and would include permanent space for the Johnson County Historical Society Museum and Antique Car Museum of Iowa, as well as office and retail space.
  • Drury Hotel: The Coralville Drury Hotel will be on 1st Avenue and will offer 180 rooms.
  • Hotel 2/Mixed Use: This proposed 120-room hotel would include retail space on the main level and would have a physical connection to the Iowa Arena.
  • Mixed Use 1: The new mixed use building on Quarry Road would be three stories and would include ground-level, indoor parking; retail space; and residential condominiums. The existing building on this site would be demolished after the museums have been relocated to their new, permanent home, allowing new construction to take place.
  • Building C: This element is currently under construction by Watts Development Group at the corner of East 2nd Avenue and East 9th Street. The project includes underground parking, first floor retail space, 13 luxury townhomes for owner occupancy, and 64 urban condominiums for lease.
  • Building G: This building will be a mixed-use, four-story building on East 9th Street with retail space, restaurant space, and residential space.

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