First units of The Monroe will complete next month

MT. PLEASANT — The new 19-unit condominium project coming along on West Monroe Street will offer a unique housing opportunities for older homeowners and busy young professionals with outdoor maintenance, a special tax abatement, and carefully considered layouts.

Monroe Landing LLC broke ground in May and anticipate completion of the first four units this October, though they were listed on Realtor multiple listing services mid-August.

They anticipate the whole project to complete in the spring of 2024.

As this project continues to make headway, Monroe Landing Management Partner Joe Mitchell expressed excitement for the addition of this complex in the Mt. Pleasant community.

“I think just for the community in general, I think this is a great thing for it,” he said. “With what's happened in recent years with Wesleyan and some other struggles in the community, I think this is a really positive thing.”

Mitchell is excited to redevelop a city block.

“Just a few short years ago before Kenny and Sons took this property, that was one of the biggest eyesores in town there,” Mitchell said. “There were really run down trailers that were deteriorated, dilapidated type of properties that just wasn't good for really anybody in that neighborhood over there.”

“It wasn’t doing anything positive for the neighborhood,” he said. “This is something people can look at and they can be proud of. It’s a type of development that hasn’t been done in over 25 years in the city of Mt. Pleasant and I think it’s going to be a real nice turning point for us and a really positive step for the community to be able to kind of move forward with things and know that there are still good things happening in Mt. Pleasant.”

“We’re calling it The Monroe,” Leiah Prall, the Realtor working with the project, said.

According to Prall, the complex will consist of one four-plex, two six-plexes, and one three-plex designed with white board and batten features under a black roof.

“It will be kind of like a modern farmhouse vibe,” she said.

Each unit will consist of two bedrooms, two bathrooms, and a two-car garage in close to 1400 square feet.

“They're going to be spacious condos, walking closets, double sinks in the bathrooms, patios and decks off the back,” Mitchell said.

“And we’ll have a little gazebo and green space in the back,” she described.

For those that purchase units early, Prall says they could have options for island colors, flooring options, and kitchen tiles.

According to Prall, each unit will be part of a homeowners association which will take care of everything outside.

“It'll take care of your yard and take care of your snow removal,” Prall said. “And then eventually once these start getting a little bit older down the road we'll have enough money in reserve to replace the roof so your HOA will take care of all your outside things.”

“This will be a condominium association,” Mitchell explained. “An HOA fee will be associated with it to take care of those kind of duties and jobs that a lot of older folks don't like to necessarily do when they get up there in age, which I don't like to do either.”

“I've always lived in a condo since I've owned my home in Mt. Pleasant and up here in Des Moines, and I don't have time to go out and mow the lawn, so also for young professionals, too,” he said.

Mitchell anticipates young professionals and possibly older homeowners wishing to downsize will be attracted to these condos.

“Most of the inquiries that we've got are, know, older Iowans seniors that are looking to downsize out of their single family homes with four or five bedrooms and a basement and an acreage down to a smaller condo like this where they're in town,” Mitchell said. … and the doctor's offices are only a block away and groceries are just up the street, and you kind of have these amenities here.”

Another aspect of the project that Mitchell thinks will draw homebuyers into purchasing units at The Monroe is a unique tax abatement opportunity.

“We were able to work with the city to get a 10 year, 100% Abatement for this project,” Mitchell said.

According to Mitchell, this means that buyers won’t have to pay any annual taxes until the units are reassessed a few years down the road. Then, the homeowners will only pay taxes on the amount of any increase to their property value for the first 10 years.

Comments: AnnaMarie.Ward@southeastiowaunion.com