Downtown hospital property sold to developer
After over a century as a hospital in downtown Marshalltown, UnityPoint Health has sold the property between East Main Street, South Third Avenue, East Church Street and South Fifth Avenue to a developer with future plans for “office, retail, residential and live/work space” use.
UnityPoint is currently in the process of transitioning its operations to a new campus on the south edge of Marshalltown, which is expected to take around six months, and a press release indicated that the sale will not affect day-to-day functionality in the meantime.
“This is good news for both the city and our team,” UnityPoint Health — Marshalltown President Jenni Friedly said. “Selling the hospital and its campus was a necessary part of our transition to the new hospital, and we’re excited to see how the old property will be reimagined and developed for the future, as well.”
CD Marshalltown LLC, a division of Covalt Development owned by T. Scott Covalt of Dike, has purchased the property for an undisclosed sum. Covalt said he plans to hold a conference call with city officials next week and redevelop the space over a period of three years.
“It’s going to be a fun project, and I’m really looking forward to working with the city to make it happen,” Covalt said.
He is teaming up with an architect and aims to have renderings completed within the next two weeks. Covalt, who also owns the Fox Ridge Golf Course in Dike, envisions a mixed use development that will serve as “an expansion of the downtown corridor.”
Marshalltown Area Chamber of Commerce President/CEO John Hall welcomed the news and expressed optimism about the future of the site.
“This is the largest redevelopment site we will probably ever see in downtown Marshalltown, so we are incredibly excited to see that UnityPoint has sold the property to a developer,” he said. “We sincerely hope to see something great occur with this development and are excited to see what transpires.”
The purchase also includes the adjoining family medical clinic. When it first opened in 1914, the downtown facility was known as the Evangelical Deaconess Home and Hospital, and UnityPoint Health took over operations from Central Iowa Healthcare in 2017.
Contact Robert Maharry at 641-753-6611 ext. 255 or email@example.com.