CA Ventures and Janko Hospitality Announce Topping Off of 151-Room Hyatt Place Hotel in Iowa City, IowaJanuary 19, 2018
CA Ventures and Janko Hospitality today announced the topping off of the Hyatt Place Iowa City, located in one of two towers that comprise the venture’s RISE at Riverfront Crossings development in downtown Iowa City, Iowa. Located at the southwest corner of Court and Linn streets, RISE at Riverfront Crossings is a 575,000-square-foot mixed-use development that will include a 332-unit apartment tower connected to a second tower that will house the 151-room hotel, as well as street-level retail and office space. Scheduled for completion in August 2018, it the first and only development of its kind in downtown Iowa City.
“Iowa City and Riverfront Crossings in particular are thriving, and we knew we could apply our strength in urban mixed-use development to meet the need for amenity-rich rental housing and lodging in the downtown area,” said JJ Smith, principal of CA Ventures. “The development’s proximity to the University of Iowa campus will make it appealing to students and visitors alike, while the office and retail space will further raise the profile of the Riverfront Crossings neighborhood.”
RISE at Riverfront Crossings marks the third time CA Ventures has developed a Hyatt Place hotel, with previous projects in Champaign and Normal, Ill. The Iowa City hotel, which will be managed by Janko Hospitality, will offer modern guest suites with separate living and sleeping areas, a large desk, oversized sleeper sofa and 42-inch high-definition televisions. On-site amenities available to hotel guests include an indoor pool, fitness center, business center, several meeting rooms, a bar/café with dining area and multiple lounges. The project also includes underground parking.
The development is a short walk from Iowa City’s Pedestrian Mall and business district, home to over 40 restaurants and sidewalk cafés, more than 70 locally owned shops, nearly 100 service businesses and dozens of organized activities from outdoor yoga and block parties to farmers markets and chef-driven events. In addition, the Old Capitol building and Pentacrest, the heart of the University of Iowa campus, are just a half-mile away from the property.
“With thousands of University of Iowa students, alumni, visitors and business travelers coming to Iowa City from across the country, it is an exciting time to be a part of the Hyatt Place development in the downtown area, which has been underserved when it comes to residential and hotel offerings,” said John Brooke, chief operating officer of Janko Hospitality. “We are looking forward to welcoming our first guests to the new hotel, where they’ll experience the authentic hospitality and purposeful service for which Hyatt Place is known.”
In addition to the hotel, the 15-story tower will include 25,000 square feet of office space, located on the third and fourth floors, as well as 6,000 square feet of street-level retail offering tenants double-height ceilings and frontage along Court and Linn streets. Capable of accommodating users requiring between 2,000 and 20,000 square feet, the office space will expand options for Iowa City businesses in a market where only 20 percent of the existing office stock is considered Class A.
In addition to the mixed-use tower, which broke ground in September 2016, RISE at Riverfront Crossings will include a second tower with 332 fully furnished apartments. Also scheduled to open in August 2018, the residential tower will include 71 private studios as well as 54 one-bedroom/one-bath, 161 two-bedroom/two-bath and 46 three-bedroom/three-bath suites. Indoor amenities – separate from those offered to hotel guests – include a fitness center/yoga studio, club lounge, Gameday Room/theater, business center and study lounge. A 10,000-square-foot rooftop deck includes an outdoor pool, Jumbotron with viewing area, grilling stations and communal gathering areas.
“The right to develop the site was awarded to us through a city-run RFP process, and we are completing the project without public financial incentives,” said Smith. “With undergraduate enrollment up 11 percent over the past four years, the recent $360 million expansion of the University of Iowa Children’s Hospital and the lack of comparable developments in the downtown area, we saw an opportunity to deliver a compelling mix of uses that will support Iowa City’s continued growth.”
For more information on RISE at Riverfront Crossings and other developments, visit www.ca-ventures.com.
About CA Ventures:
Founded in 2004, CA Ventures LLC is a Chicago-based real estate investment holding company whose international portfolio includes $6.7 billion in assets throughout the U.S. and Latin America. While initially focused on student housing, CA Ventures diversified into other sectors in 2012, including office, senior lifestyle, multifamily, and hospitality. In addition to development and renovation, the firm specializes in institutional joint ventures; value add investing; equity and debt sourcing; and asset management services. CA Ventures serves as the holding company for the CA family of companies, including CA Student Living, CA Office / Vanderbilt Partners, CA Senior, CA Residential, CA International, CA Hospitality, and CA Asset Services. For more information, visit www.ca-ventures.com.
About Janko Hospitality, LLC:
Founded in 1999, Janko Hospitality is a Chicago-based operator of upscale extended-stay and select service hotels throughout the Midwest. Janko Hospitality, since inception, has managed 25 hotels and has played an active role in the development or redevelopment of each property. Currently, Janko Hospitality manages hotels in Illinois and Wisconsin. The portfolio includes a variety of products under the major overarching brands of: Hyatt Hotels, InterContinental, Hilton, Marriott, Wyndham, and Choice Hotels. For more information about Janko Hospitality, please visit www.jankohotels.com.