The Waterloo City Council has approved a developer’s plan to turn the old Rath Packing Plant administration building into senior housing, according to the Waterloo Cedar Falls Courier. The council sold the building to Gearhart Moore Holdings LLC out of Colorado for $1. The plan is to create 87 units with rents ranging from $750 to nearly $1,000. The developer says they will need to receive low-income housing tax credits, state and federal historical tax credits, and grants for outdated, abandoned, or unused commercial properties. The project will also receive $1.3 million from the city. If any of that does not happen the project will fail. If that happens the city says they will demolish the building. If all goes to plan construction could begin in March of next year and apartments could be available in May of 2026. The building has been empty for nearly 40 years.
