|
|
At the beginning, Southgate Development was no more than a single farm purchased by two Polish immigrants who knew only one word of English when they came to the U.S. in 1920.
The word was "melon," because that's what David and Aaron Braverman sold off the back of a horse-drawn carriage. But as they grew a successful grocery store, the two invested some of the profits in a farm that is now in western Coralville.
More than 70 years later, that one farm has formed the basis for the booming local development company of Southgate Development, which has a different set of brothers on staff -- company president Mace Braverman and vice-president Jody Braverman. They are the sons of David Braverman.
Ever since the company formed as a subsidiary of the Hawkeye Wholesale Grocery Company in 1962, Southgate Development has amassed a long list of projects. They include the affluent Walnut Ridge subdivision in Iowa City, development surrounding the Quail Creek Golf Course in North Liberty, and the Pepperwood Plaza commercial area, to name only a handful.
Jody Braverman said he remembered going out with his father to see the Pepperwood Plaza area when it was still a farm field.
Vice president Terri Morrow said it took remarkable foresight to divine where growth areas would be.
"David obviously had a lot of vision to see that, at some point, there was going to be growth in Iowa City and Coralville," she said.
Jody Braverman said that the original strategy of buying land and holding it doesn't work anymore because taxes and other costs are too high. Today, the company acquires land and sets to developing it right away or makes improvements together with the landholder, Braverman said. The company also has expanded into managing and maintaining existing buildings and offering investment opportunities.
Morrow said that flexibility was essential.
"I think that's part of what our success is -- to be able to change when you need to change," she said.
Braverman said that in their developments, they tried to be conscious of a community's needs. For the Sandhill Estate Development under construction on South Gilbert Street, for example, they discovered ancient burial sites. That land will be preserved as open space donated to Iowa City, Braverman said.
And he said the renovations on Cedarwood Apartments, changing them into the Woodlands, added garages, revamped the apartments' interiors and the front entrance and added wireless Internet access.
Southgate also has been active with contributions to Coralville and North Liberty recreation facilities, the Jaycees fireworks display and scholarships at the University of Iowa.
Braverman said the company has always tried to help the community and will always do so.
"It's just a matter of fact and belief and opinion," he said.
Newbury Development Company sold the Cedarwood Apartments to Southgate and partnered with it on a Broadway revitalization project. Frank Levy, director of finance at Newbury, said Southgate was an outstanding business and should only continue to grow as Iowa City expands.
"We think that their strategy of concentrating in a relatively tight geography is very smart and makes them very competitive," he said. "We think they run a tight ship. I would say that, all in all, we're very impressed with them."
But the journey of growth hasn't always been easy or free from conflict. Dissenting voices have argued against some of the projects, including Sandhill Estates and Woodlands, but Braverman said some conflict was inevitable in development.
The company has also weathered the storm of high interest rates in the late 1980s and the arrival of the Coral Ridge Mall in Coralville, which Braverman said completely changed the nature of local retail.
Southgate still has many projects in store, Braverman said. One of them, the Clear Creek development between Highway 218 and Highway 6 in Coralville and Iowa City, could bring up to 3,500 homes to the area.
And the company is working on plans to revitalize a large portion of West Branch's downtown while preserving the historic roots of the town.
West Branch City Administrator Ty Doermann said the plans could mean a large economic effect on the viability of the community. He said he appreciated that the company staff was open and willing to discuss options.
"From every indication I get, if the owners of that company put their minds to something, it can be accomplished," Doermann said.
By Adam Pracht
Iowa City Press-Citizen
September 10, 2005 |
