Developer pitches 54‑unit senior housing near Hy‑Vee in Eldridge

Barry, a representative of Columbus‑based Global Cooper Companies, told the council that his firm has applied to the Iowa Finance Authority for low‑income housing tax credits to build a 54‑unit senior apartment complex on a parcel between 4th (or 5th–6th) and Iowa Street behind the Hy‑Vee shopping center. He described the project as a three‑story, elevator‑served building with garden‑style flats to the rear, roughly 100 parking spaces, and a planned community room, controlled building access and on‑site management.

"We wanna be where we're welcome. We wanna be good in the neighborhood," Barry said, adding that Global Cooper intends to remain a long‑term owner rather than build and sell. He estimated the capital stack at about $15,000,000 and said the developer would break ground roughly a year after receiving all approvals and funding; he said construction would take about 12–14 months in a typical schedule.

Barry said the project team has applied for housing tax credits, a competitive process that the Iowa Finance Authority awards; the team expects to learn whether it has been awarded credits the first week of June. If credits are awarded, investor equity from the sale of those credits would form a key portion of the financing, he said. He described rent restrictions associated with the credits as tied to area median income levels, noting examples of 30% and 60% AMI rent tiers and that residents would pay utilities except trash.

Council members and residents asked about applicant screening and accessibility for people with disabilities. Barry outlined the company's screening procedures: financial documentation and income verification, prior‑landlord checks, criminal‑background screening with case‑by‑case review, and health and safety addenda intended to prevent problems such as infestations or mold. He said the company performs thorough furniture inspections to guard against bed bugs and that properties include radon systems as a baseline.

Karen Bernick, who introduced herself as a long‑time area resident, urged council members to consider the project's potential benefits for local seniors and said the developer had offered to name the property in honor of her daughter, Hope. Judy, a local resident who toured other Global Cooper properties, said she was impressed with the quality of their buildings and management.

The council did not take formal action on the project at the meeting; staff said they will watch the Iowa Finance Authority award announcement in early June and asked the developer to keep the city informed.