In May, residential constructing permits had been at 1,327, up from 1,257 final yr. The 12-month shifting average elevated to 994 in May from 988 in April. May permits have been zero.6% above May 2022, and 15.9% above the monthly historic average. With Iowa City acquiring the property, the town "can work to identify uses that the market will not be producing but that might add to the long-term stability and vibrancy of Downtown Iowa City," Fruin mentioned. "The strategic acquisition of this site permits the City to take a lead position within the redevelopment of this crucial property," City Manager Geoff Fruin stated in a memo to the council. Purchasing the property would enable the town to ensure the redevelopment provides to the steadiness and vibrancy of downtown, he said.
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