Merge LLC (also known as Merge Urban Development) has offered to acquire the greenspace on the south side of the RiverCenter and is proposing to build a new, five-story, mixed-use building with space for roughly 6,600 square feet of commercial/retail on the first floor and 60 units of market rate rental housing on the four floors above.

Merge recently formed with a specific focus on using Opportunity Zone funding in Mid-West markets. They have similar sized projects currently under construction in Waterloo and Cedar Falls and three larger projects slated to begin this fall through next summer in Des Moines, Oshkosh, and Stevens Point, WI. The development team in Merge has over 10 years of experience as Echo Development which has completed over 600 apartment units, 100 houses, as well as commercial, retail, industrial, and hotel projects in Iowa.

Attached is a conceptual elevation drawing, a 3D site plan, and a purchase agreement. Similar to a previous development proposal for this site, Merge is offering $250,000 and would agree to begin construction within 12 months of closing on the property. Approval of this Resolution would direct staff to execute the purchase agreement and convey the property per the terms of the agreement.