Dubuque Apartment Complex Opened to Address Housing Needs

The 201-unit project targets workforce retention by providing affordable housing options for local income-qualified households.

Updated on Oct. 14, 2026 in Openings & Closings

Dubuque Apartment Complex Opened to Address Housing Needs

Live Poll

Should your local government provide tax incentives to developers for building affordable apartment complexes?

The Union at the Marina apartment complex has opened in Dubuque, featuring 201 units designed for households at or below 70% of the area median income. The $55 million project aims to help the city meet a goal of adding 2,500 new housing units by 2035.

Why it matters

The development serves as a key component of the city strategy to support workforce recruitment and retention through expanded residential availability. It highlights the use of public-private financing mechanisms to bridge gaps in affordable housing construction.

The $55 million project features 201 units and relies on $5.1 million in Tax Increment Financing over 15 years. It is supported by $21 million in equity from WNC and $36 million in construction financing.

The players

The Annex Group

A developer specializing in multi-family housing projects and the construction of affordable apartment communities.

WNC

A national investment firm that provides equity and financing solutions for tax-credit-supported residential developments.

Piper Sandler

An investment bank providing financial services and construction financing for large-scale real estate developments.

The details

The developer, The Annex Group, utilized Tax Increment Financing and Low-Income Housing Tax Credits to make the development financially feasible. The property at 2660 Kerper Boulevard includes two buildings equipped with a community center, fitness center, and playground to support resident retention. The city provided the land for the project, which is intended to alleviate the local shortage of workforce housing.

2024: The Annex Group purchased the project land for $4,020,000.
October 2026: The Union at the Marina officially opened.
2035: The target date for Dubuque to add 2,500 housing units.
2036: The estimated year for the project to reach $4 million in total local tax revenue.

Market Landscape

The project follows the established model for Tax Increment Financing usage, where municipalities provide tax-based incentives to encourage private investment in infrastructure. It reflects a growing trend of public-private partnerships aimed at addressing housing shortages in regional workforce centers.

Business owners in the area should monitor how the addition of 201 units impacts local workforce availability and labor competition. The successful completion of this project may signal future opportunities for firms looking to partner with the city on similar tax-advantaged development deals.

The takeaway

Large-scale affordable housing projects often rely on complex multi-layered financing structures to succeed. Operators should track local city council filings to identify upcoming zones designated for similar tax-increment-supported residential development.