Lure4.2017

EMERSON FROM PAGE 16
rebuilt the office space from scratch in order to restore an architectural
gem to the city.
Although historic preservation can be daunting, the state’s
housing credits and historic tax credit program help make the
challenges worthwhile.
“I focus on downtown because it is such an important region for
the city,” he said. “Plus, if I can take a crappy building and make it
new and fresh again, it improves all of downtown. It has inherent
benefits to the rest of my buildings and to downtown.”
Changing With the Times
Other obstacles he has encountered during his career include the
changes in the banking industry and a struggle toward work-life
balance. While he used to work day and night with his job as an
architect and do the demolition on the side, he has become a better
delegator, entrusting employees to keep him in check.
“In the office and construction areas, I empower people extremely
well so they buy into the project,” he said. “It saves me time.”
Technology has also enabled him to have a more flexible work
schedule, working from home in the mornings and evenings as
needed, or even answering questions while on vacation.
As of February, Mr. Emerson is working on seven projects that
will result in approximately 147 residential units. These vary from
32 efficiency and one-bedroom apartments in the Smulekoff’s
building to new and historic townhomes in Kingston Pointe, the
old ESC building, 323 Third St. and other developments.
Mr. Emerson is excited about the way Smulekoff’s is evolving
into a mixed-use development. He’s also exploring an innovative
solar/green roof combination on this and two other buildings.
While he prefers living near Center Point with his wife and two
children on an acreage with woods and a pond, he appreciates the
urban lifestyle.
“The people who want to live downtown aren’t just people who
work here,” he said, noting that a cross section of older and younger
couples and professionals live in his buildings. “You can park
your car and you don’t need to drive on weekends.” |
Inside Tip Top Cakes, one of
808 on Fifth’s first commercial
tenants, and a popular
meeting place for Mr. Thomas.
808 FROM PAGE 29
It’s that energy and dedication to detail that drew in Randy Miller,
owner of Miller Monument and a longtime real estate investor
and broker. Mr. Miller was introduced to Mr. Thomas by a mutual
friend, and began doing some consulting work on the earliest
stages of 808. Despite Mr. Miller’s preference against partnering
on projects and the prospect of an early retirement on the horizon,
the two hit it off and struck a partnership that continues to grow,
just like their development.
Mr. Miller, for his part, compared their partnership to TV’s “Odd
Couple.” He serves as the opposing force to Mr. Thomas’ big dreams
and boundless energy, preferring to work in the background and
crunch numbers while Mr. Thomas does the gladhanding.
“I’m 58 now, and I have a lot of patience,” Mr. Miller said of his partner.
“I’m not sure how we would have done back when I was 30.”
“Blaine likes to take an idea and run with it, and sometimes you
can’t – you have to think about it,” he added. “But then again, that’s
why the two of us get along so well. I’d be sluggish without him.”
Mr. Thomas, 40, affectionately describes his partner as “the”
leash that keeps him from chasing the next thing to flutter in front
of his face, as well as his cheerleader, keeping him grounded in the
realities of large-scale development.
“When I’m talking about the numbers, the performance, the
contractors, the timelines, the interest rates … who do I call? Randy,”
he said. “Instead of [my] going and jumping off the Iowa River
bridge, he pulls me back.”
While Mr. Miller originally set a time limit on their partnership,
pledging to retire after five years of work on 808, that now looks
like a casualty of Mr. Thomas’ expanding vision. Plans are moving
forward for the fifth building, which will be “loaded with commercial
space,” according to Mr. Thomas, and the partners are working
with the city to purchase three properties on 10th Avenue for
future residential development. Mr. Miller also has his own plans
in action, as the developer behind The Crossings development in
Iowa City (see page 15).
If Mr. Thomas has his way, 808 on Fifth will evolve into a central
piece of Coralville’s emerging downtown, connecting the Plaza
on Fifth building, the Watts Group’s Old Town development and
reshaping 10th Avenue down to the strip.
“I have to continue the mantra of a pedestrian development.
This is downtown,” he said. “Is it going to keep going down Fifth
Street? Of course it is. Is it going to go to the north? Of course. It’s
just a matter of time.” |
38 LUREOF THE CITY