Discussion of Proposed Development – North Park Road Residential Apartments — North Park Road Residential Multifamily site concept

Development Team, Process & Timeline What we are asking of the City The development team What we are asking of the City • SouthGate Companies – Iowa City-based, locally owned since • Feedback on Site Concept #3 before we advance to formal 1962; owns and manages ~$175M of multifamily and commercial submittals assets across Iowa; will own and manage Park Road Residential • Guidance on the preferred entitlement path (OPD rezoning and site locally for the long term plan) • Hubbell Realty Company – founded 1856; one of Central Iowa's • Coordination on Park Road access, utilities, and stormwater largest and longest-standing developers (Business Record “Best approach Development Company” ten times); 30 apartment communities / • Discussion of development incentive support (e.g., TIF or tax 3,600+ units developed in the past decade; recently delivered Siena abatement) to help deliver Class A housing at this scale Crossing (Ankeny) and Callaway at Holland Pointe (Norwalk) using • A working relationship to move rezoning and site plan concurrently this building type • Park Road Residential would be among Hubbell's first projects in Target timeline the Iowa City area • Fall 2026 – Concept review with City staff; refine site plan with MMS • Simonson & Associates Architects – designed both communities • Winter 2026–27 – Rezoning / OPD and site plan submittals; platting and this concept • Spring 2027 – Phase I construction start (four buildings + clubhouse • MMS Consultants – civil engineering, survey, platting and site plan / pool) • Mid-to-late 2028 – Phase I buildings delivered in stages; leasing begins • Phase II (three buildings) to follow based on Phase I absorption 755 Mormon Trek Blvd · Iowa City, IA 52246 · 319.339.9320 · SouthGateCo.com Park Road Residential | Tiffin, Iowa | Concept – September 22, 2026 REAL ESTATE INVESTMENT • PROPERTY MANAGEMENT Conceptual only – subject to change