by Marianne Gasaway
The restoration and transformation of the iconic building at the corner of Main Avenue and 4th Street, best known as Corner Drug, will soon be complete.
Jessica and Austin Wood purchased the building in 2021 and following renovations that same year three retail businesses filled the street level of what was originally the Cerro Gordo County Bank.
But it is what has been going on upstairs that has the public curious these days.
Three apartments are expected to be complete by May 1, according to Jessica, who has served as developer for the project.
Four construction companies submitted bids for the work, with Wagner Construction, of Austin, Minn., getting the nod with a bid of just over $1 million.
A Community Development Block Grant – Coronavirus Housing Conversion Grant administered by the Iowa Economic Development Authority using federal funds earmarked for COVID-19 relief, was awarded to assist in the development of residential apartments on the second story of the building. The Woods’ received the maximum award of $500,000.
Myrtle Nelson, executive director of the North Iowa Area Council of Governments (NIACOG) said the state is interested in addressing workforce shortages and chose to funnel federal CARES Act money earmarked for COVID-19 relief into addressing housing needs for workers.
“The City is the pass through entity for the grant and has done a wonderful job being supportive of the project,” explained Jessica. “NIACOG assisted with the grant process and have been exceptional to work with; Clear Lake Bank and Trust provided the loan and we appreciate their unwavering support in the project and this town. Natalie Plagge has been an incredible asset.”
Under terms of the grant, two of the apartments are rent and income capped. The income limit for one person is $45,000; the limit for two persons is $51,400. The rent cap for those two units is: one bedroom, $959 per month including utilities and in-unit laundry; two bedroom, $1,153 per month including utilities and in-unit laundry. No pets or smoking allowed.
The third unit, which is not rent or income capped and has a view of the lake and Main Avenue, will rent for $2,100 per month, plus utilities.
Applications are still being accepted for apartments. To receive an application, email crjrentalproperties@gmail.com.
