REQUEST FOR PROPOSAL – STEP 1 – LETTERS OF INTEREST
REDEVELOPMENT OF 21 and 23 WEST MAIN STREET
The City of Marshalltown owns two, two-story commercial buildings located at 21 and 23 West Main Street in the Marshalltown Central Business District and is interested in the redevelopment of these properties. The two properties share a second floor and will be sold together. The buildings have been vacant for several years. The City Council wishes to sell the properties based on the best proposal and not just the amount to be paid.
The properties are zoned Urban Core and will be sold AS-IS. The building at 21 West Main Street sits on a 20’ x 180’ lot and has approximately 2000 sq. ft. on the main floor with an associated mezzanine. The building at 23 W. Main Street sits on a 20” x 180’ lot and has approximately 3400 sq. ft on the main floor and a 600 sq ft. addition. The second floor, approximately 3500 sq. ft, is shared between both buildings. Both buildings also have unfinished basements. The adjacent parcels consist of retail establishments and upper story residential units.
The buildings should be considered largely unfinished and will need substantial renovations to be brought up to code. All renovations will be required to meet the requirements of the Marshalltown Zoning Code for properties located in the Urban Core (UC) zoning district. The property is also located in the Main Street Historic District.
The city wishes to conduct a two-step request for proposal process to determine the best proposal for the sale of this property.
- Step 1 is intended to provide an opportunity for potential developers to view the properties and submit general information to the City regarding their proposed redevelopment plan through a letter of interest. Step 1 is intended so that developers do not need to expend funds and significant resources/time to develop business or redevelopment plans.
- From Step 1, the City’s selection committee will review the received interest, outline the parameters that will be used to determine what information will be required in Step 2, what information will be used to determine the best proposal and invite developers to submit on Step 2 of the Request for Proposal.
- Those developers interested in submitting Step 1, a Letter of Interest, shall include the following information in their letter:
- name and contact information for the proposed buyer/development team;
- the proposed end use of the properties, including both the first and second floors;
- a summary of the developer’s experience and qualifications in redeveloping a property, especially one that is part of a historic and/or downtown district; and
- a statement acknowledging the developers understanding that a project of this nature is expected to exceed $500,000 in redevelopment expenses and their ability to financially take on a project of this magnitude (no financial assurances/statements are required to be submitted with Step 1).
The properties are available to view upon request.
Letters of interest shall be submitted to the City Clerk’s office no later than March 5, 2026, at 10:00 AM CST. Letters must be submitted in a sealed envelope and must be delivered or mailed to the office of the City Clerk, City Hall, 24 North Center Street, Marshalltown, Iowa, 50158. No faxed or emailed bids will be accepted.
Initial review of the received letters of interest will be completed by a selection committee consisting of representatives from the City of Marshalltown, Marshalltown Central Business District, and the Marshalltown Area Chamber of Commerce. The selection committee will make a recommendation to the City Council as to which developers will be invited to submit in Step 2 of this Request for Proposals. All letters of interest will ultimately be public records and should be prepared as such. The City Council reserves the right to reject any and all proposals.
Step 1 - Selection Criteria
Any use permissible in the Urban Core Zoning District, with the exception of parking, will be considered (see Marshalltown City Code Table 156.C.003-1 for eligible uses), however mixed-use, with first floor retail and useable/occupied space on the upper level is preferred.
There is no minimum sales price for the property. The bid amount and proposed use will both be taken into consideration when evaluating each proposal.
The following attachments are included as part of this RFP:
- Attachments A: Property Photos
- Included in this section are photos of the properties as of 12/13/24.
- Attachments B: Phase I Environmental Site Assessments
- Included in this section are not only assessed environmental factors, but also a wealth of historical information on the buildings’ past usage.
- Attachments C: Phase II Environmental Site Assessments
- Included in this section are the results of a higher level of environmental assessment, which indicate “...Property represents a minimal risk to human health and the environment and should not inhibit redevelopment of the Property…”
- Attachments D: Lead-Based Paint Assessments
- Included in this section are results of lead-based paint (LBP) testing completed on the properties.
- Attachments E: Asbestos Assessments & Asbestos Containing Material and Lead-Based Paint Cleanup Plans
- Included in this section are results of asbestos testing completed on the property, an asbestos abatement project manual, and lead-based paint disturbance requirements. The extent of the renovations may dictate the most cost-effective strategy for abatement. Estimates of cost if an independent project were completed to abate asbestos are included in Appendix B.
- Attachment F: Marshalltown Downtown Historic District Registration
- Included in this section is the National Register of Historic Places Registration for the Downtown Historic District. 20 East Main Street’s building is not an individual building listed on the National Register of Historic Places; however, Marshalltown Downtown is registered as a Historic District.
- Attachment G: Main Street Iowa Study
- Included in this section is the Market-Based Strategic Planning Study completed in 2023 by the Marshalltown Central Business District, in partnership with Main Street Iowa.
Ultimate Sale of Building
Developers should be aware that it is the intent of the City that Step 2 of the Request for Proposals will result in selling of the property and building. The Property will be conveyed to the successful purchaser by quit claim deed with right of reversion. If an abstract is requested, the Purchaser must furnish this at their own expense.
Questions ?
Questions on this RFP may be addressed to:
Deb Millizer
City of Marshalltown
Phone: 641-754-5756
Email: