​​Hotel President, formerly known as Park Towers Apartments, is an 84-unit apartment building located in the historic heart of downtown Waterloo, IA. Hotel President was originally designed as a luxury hotel in 1928 by H.L. Stevens & Company, a noted Chicago architectural firm that specialized in hotel design with many of its properties listed on the National Historic Register. Hotel President was converted to apartment use in the late 1960's.

In 2015, Hotel President underwent a comprehensive rehabilitation. The rehabilitation included complete renovations on all kitchens, addition of fire-sprinklers and other fire-life safety systems, full replacements of cabinets, installation of a variable refrigerant flow cooling system in each unit, replacement of all flooring throughout the building, complete repaint of all unit interiors and common areas, creation of a computer lab, restoration of historic features, full renovation of the community and laundry rooms, and construction of free storage for all 84 residents.

The rehabilitation project was funded by 9% low-income tax credits allocation by the Iowa Finance Authority, federal Historic Tax Credits and State of Iowa Historic Tax Credits along with conventional financing.

The project contains retail use, an historic lobby area, management office and on-ste laundry facilities. Amenities as the project also include a library, community room and computer lab. The residential units consist of 39 studios and 45 one-bedroom apartments situated throughout the 9-story building.

Development Team:

  • General Contractor - Koester Construction
  • Architect - Invision 

Financing Team:

  • LIHTC & HTC Equity: RBC
  • SHTC: Fallbrook Capital
  • Construction Loan: Stearns Bank
  • Permanent Loan:  Cedar Rapids Bank & Trust
  • Low-Income Housing Tax Credit Agency: Iowa Finance Authority
  • State Historic Tax Credits: Iowa Department of Cultural Affairs

Copyright © 2016, Huntley Witmer Development, LLC

HOtel President