Editor's note: This story first appeared in the March issue of Cedar Valley Business Monthly.

WATERLOO - The real estate market may be hurting across the country, but there appears to be a lively island of growth in the middle of the Cedar Valley.

It's called the Greenbelt Centre.

The 122-acre project, a four-year dream of developer Harold Youngblut, has been taking shape near the intersection of U.S. Highway 63 and U.S. Highway 20, adjacent to the old Waterloo Greyhound Park.

The site's location, in keeping with the old real-estate maxim, is key to the development's growth, Youngblut said.

"It's a wonderful location," said Youngblut, who already has invested about $3 million into the project and plans to pour in about $2 million more.

The centerpiece is Mauer Eye Center and d'Vine Medical Spa's gleaming new $6 million complex along Ridgeway Avenue. The Mauer facility occupies the equivalent of five lots in the 60-lot development, Youngblut said. A Gold's Gym was built across the street, occupying about six lots.

A $1 million facility for Craft-Cochran Screen Printing & Embroidery is coming next, followed by new offices for Waterloo's Social Security branch.

"We envision 50 to 60 businesses being located in that area," Youngblut said.

The development will have some sense of organization, Youngblut added.

"The west portion of the Greenbelt Centre is mainly going to be focused on a medical atmosphere," he said. "Dr. Mauer obviously was a key to starting that, and what a beautiful building he put up. Our goal is to surround his building and that area with health-oriented businesses."

The Mauer Center opened last December.

"The building had to embrace the community, a place where people can go to find refuge," Dr. Richard Mauer said when the building opened. "This is more than the Mauer Eye Center, it's a community center."

Two other buildings are under construction nearby.

More are on the way, Youngblut said.

The latest to sign on is TurnKey & Associates, an architecture design firm, which Youngblut said would sign a contract sometime this month.

TurnKey & Associates will construct a brick building between 10,000 and 15,000 square feet on the corner of Greyhound and Ridgeway on the east side of the development, Youngblut said.

He anticipates leasing all the space when the project is fully developed.

"I firmly believe a hotel will locate at that interchange," he said. "Highway 63 and Highway 20 is highly traveled and visible intersection. I feel pretty optimistic a hotel will choose that site."

Once those types of businesses move into the area, even if they're not located on Greenbelt property, it could generate a critical mass that could draw businesses like a magnet.

"Following most hotels is a restaurant," he said.

He envisions a convenience store in the area, as well.

The Greenbelt Centre is Youngblut's first foray into real estate. However, he said, he has had plenty of guidance.

"At times, it is very overwhelming," he said. "But I feel I've been very fortunate in the advice I've sought from local experts, such as Cork Peterson of PCI, Rick Morris from Beecher (Beecher, Field, Walker, Morris, Hoffman & Johnson PC law firm) and Ken Lockard from Lockard (Cos.). Those are experienced businessmen who were extremely gracious in giving advice."

Youngblut also said the Waterloo city government has provided crucial assistance in securing a $324,000 Iowa Economic Development grant for street construction in the development.

"Our city has really helped me a lot in this development in seeking out, helped me with a grant that put in the very first part of my streets," he said. Youngblut said he is not intimidated by a downturn in the real estate market, although he knows these are challenging times.

"All businesses are used to challenging times and, as our new president says, we will overcome this, and we will have to work harder and longer. But I have full faith that the Cedar Valley will remain as an excellent location for businesses of all sizes to operate in."

Contact Jim Offner

at (319) 291-1598

or jim.offner@wcfcourier.com.