Photo by Zak Neumann
Revival clothing boutique and the Union Bar have a new landlord. On Thursday, the Tailwind Group bought the Ped Mall building that houses both Iowa City businesses for $2.9 million.
“For us it was a chance to get on the Ped Mall and to buy a building that’s got two great tenants,” Kyle Smith, director of development for Tailwind told Little Village.
The Tailwind Group, a property management company based in Mankato, Minnesota, is best known locally as the owner of The Quarters at Iowa City, a student housing complex.
“We’ll probably occupy office space at some level in that building,” Smith said, when asked about Tailwind’s plans for the College Street space. “We’ve been interested in office space in Iowa City for some time. We’ve been renting space on Washington Street.”
The Swisher Building was sold at an auction held at the Hotel Vetro on Aug. 3. The bidding started at $500,000 and lasted for approximately 30 minutes.
In addition to plenty of space for offices — the second floor above Revival is empty, as is the entire third floor above both businesses — the top floor has walls covered in unique graffiti art. Smith said he was interested in learning more about the art and history of the building.
The sales process will take 60 days to complete; the Tailwind Group will take possession of the property in October.