Commonwealth Development Corp. advances Charles City affordable housing project

To The Press

A new $12 million affordable housing complex planned for Charles City has passed initial land acquisition and financing stages and is nearing the start of construction, with plans to open in the summer of 2026.

The project, called The Collective on 13th, will be built on land near the intersection of East Corporate Drive and 13th Street, which was recently acquired by Commonwealth Development Corp. in partnership with the Charles City Area Development Corp. (CCADC). The site is near the city’s Southwest Industrial Park.

The project will be a multifamily development with 40 residential units across two walk-up style buildings, according to Tyler Sheeran, Commonwealth vice president of development. It will offer a mix of one-, two- and three-bedroom floor plans.

A third clubhouse building will offer residents a community room, exercise room, business center and property management office. The property will also have an outdoor children’s play area and playground and covered pavilion, Sheeran said.

Tim Fox, CEO of the Charles City Area Development Corp., said, “CCADC’s strategy of adaptively reusing industrial park ground as housing property has paid dividends with this project announcement.

“Commonwealth has proven to be a solid developmental partner, and we are exceedingly pleased and fortunate that they are investing in Charles City’s southwest side and bringing more working-class individuals and families to our appealing community,” Fox said.

The project was initially made possible by Commonwealth securing 9% low-income housing tax credits (LIHTC) and additional funding from the Iowa Finance Authority in July of 2024, to help advance affordable housing and economic recovery in Iowa.

In early 2024, Charles City had been designated as a “Thriving Community” by the Iowa Finance Authority and Iowa Economic Development Authority, with the goal to make city improvements focusing on health care, child care and housing.

“This development was made possible through a partnership with the local redevelopment agency, CCADC, which took the initiative to address the community’s housing needs,” Commonwealth’s Sheeran said.

“They secured the land and engaged Commonwealth to help bring the vision to life – a catalytic step that municipalities can take – and they remained a valued partner throughout the entire process,” he said.

Commonwealth Development Corp. will lead as the project developer, with M+A Design Inc. the architectural design firm, and Accurate Commercial as the general contractor.

Additional partners and lenders involved include WNC, Legacy Bank & Trust, Snyder and Associates, Reinhart and Iowa Title Guarantee. Indigo Living will serve as the property management firm, according to information from Commonwealth.

The property plans to open in summer of 2026 and the apartment homes will be available to individuals and families making 30%, 40%, 60% and 80% of the area median income. Additional leasing information will be available closer to the opening date, Sheeran said.