Crossroads Mall Redevelopment: Waterloo Mixed-Use Project

Summary of the Waterloo Mall Redevelopment Project

This article details the planned redevelopment of the vacant Waterloo Mall into a mixed-use district. here’s a breakdown of the key facts:

The Problem: The 800,000 sq ft mall is now largely vacant after anchor stores left before and during the COVID-19 pandemic. It’s falling into disrepair, with a declining assessed value (down from $13M in 2022 to nearly $10M).
The Solution: ATI Group of Ankeny has partnered with the city to demolish the mall and parking lot and build a new mixed-use advancement featuring multifamily residential, retail, and restaurants.
Developer Vision: ATI Group aims to create a “town center feel,” potentially similar to the District at Prairie Trail in Ankeny, with a mix of local and regional businesses, potentially including a park and apartments.They are prioritizing market research and collaboration with city leadership to determine the best approach.
Financial Investment: The city is contributing $28 million through a Tax Increment Finance (TIF) package.
Location Advantages: The site is considered prime for redevelopment due to its location within a vibrant commercial district and proximity to major highways, Lost Island Water Park, Hawkeye Community College, and other amenities.
City Enthusiasm: Mayor Quentin Hart views the project as a “game changer” that will reactivate the corridor and elevate retail and recreation in Waterloo.
* Timeline: ATI Group has begun closing on parcels of the property, with full ownership expected soon.

In essence, the project aims to transform a failing mall into a thriving hub for living, shopping, and entertainment, boosting the local economy and revitalizing a key area of waterloo.