The Annex Group®, a leading impact housing developer that creates affordable, workforce, student and market-rate housing communities, announced plans for a new affordable housing community Union at the Marina consisting of 201 units in Dubuque, Iowa.
“We are thrilled to bring this project to Dubuque,” said David Wesner, VP of Development for The Annex Group. “The city has been a catalyst in addressing their housing need, and we are honored to be able to work with them to meet the overwhelming demand in their community. With floorplans to meet the needs of different households, as well as a dynamic amenity package including a rooftop deck with views of the river, we think this property will be a place people enjoy living.”
Union at the Marina will feature two, four-story buildings located on a currently vacant 5.25 acre lot. Impressive views of the Mississippi River will be available on the east end of the community. Two schools, a park, pharmacy, grocery store and post office are all nearby Union at the Marina. Amenities will include a playground, community center, fitness center, picnic area, dog walking area and on-site property management.
“We are so fortunate to have some of the best in the industry helping us bring this community to fruition,” said Derek Hays, Director of Development for The Annex Group. “The incredible backing we’ve had on Union at the Marina is something we don’t take for granted, as projects like this cannot cross the finish line without ample support.”
Partners on the project include: ASK Studio, Axiom Consultants, Impact Housing Indiana, Corp., the City of Dubuque, which provided acquisition grants, tax increment financing (TIF) and lift station upgrades, WNC, which provided around $21 million in total equity, and Piper Sandler, which provided more than $24 million in permanent debt financing as well as $36 million in construction financing. The Annex Group also thanks the Iowa Finance Authority (IFA) for its continued support in providing affordable housing across the state of Iowa, specifically through the issuance of 4 percent tax credits and tax-exempt bonds.
“As we continue our push toward creating more housing options for Dubuque residents, we are excited to welcome the Union at the Marina project,” said Dubuque Mayor Brad Cavanagh. “This project will add much-needed affordable housing units to the community and will be a welcome addition to the city in Dubuque’s Point Neighborhood.”
This will be The Annex Group’s fifth affordable housing community located in Iowa. Union at Wiley, located in Cedar Rapids, opened last year; Union at North Crossing, located in Waterloo, Union at River’s Edge in Des Moines, and Union at Bluffs Run in Council Bluffs, are all under construction.
