COMPLETED COMMUNITYIllustrative community film · No parcel selected.
OUR THESIS
The jobs may land in Lee County. The homes can belong in Burlington.
We believe Greater Burlington offers the strongest combination of everyday services, regional access and existing housing need for this opportunity. We want to establish a position early, then build as the evidence supports it.
01
Meet the construction cycle
Temporary lodging on a separate edge serves rotating crews, then gives way to six connected townhome buildings in Phase 4.
02
Build for lasting demand
250 apartments, 120 compact detached rental homes and a later 36-home attached phase offer different ways to live. Each release follows verified demand.
03
Bring Nelson’s experience
Iowa multifamily development, construction expertise and a broader portfolio support the work ahead.
THE CATALYST
A project with the scale to reshape Southeast Iowa
On September 28, 2026, federal officials announced Mesabi Metallics’ proposed steel complex in Lee County. The White House describes it as the largest steel plant ever built in the United States.
$15BAnnounced Iowa investment
6,000+Projected construction jobs
1,750Projected permanent jobs
Company projections. Construction jobs do not establish the number of workers on site at one time, the number coming from elsewhere, or the number needing local lodging.
A lasting industrial anchor
The planned complex would connect Minnesota iron ore with electric-arc-furnace steelmaking in Iowa. The announced first phase targets 7.5 million tons of annual capacity.
2030
Target for steel production. Housing delivery must follow verified milestones.
WHAT IS STILL OPEN
The announcement starts the opportunity
The exact plant site, permitting, financing, utility readiness and construction schedule still need confirmation. September 29 reporting identified unresolved land, permit and incentive steps.
Wever is a working location assumption. It is not a confirmed steel-plant address.
Two kinds of demand. Two different housing responses.
During construction
Furnished, flexible lodging for mobile crews. Contract coverage and demobilization matter.
During operations
Homes for permanent employees and families, supported by the broader Burlington rental market.
THE LOCATION THESIS
Workers need a place to live. Families need a place to belong.
Our bet is on Greater Burlington: the area’s largest city near the expected Wever location, with a hospital campus, a community college, established shopping and regional transportation.
Approximate place markers. Wever is shown as a reference area, not a confirmed steel-plant boundary. No housing parcel or route is implied.
A city of scale, close to the opportunity
23,336Burlington population, 2025 estimate
~25 minResearch driving estimate to Burlington center
The reference trip starts at the existing Wever fertilizer plant. A final steel gate, shift traffic and the selected housing parcel could change the commute.
The honest comparison
Community
Reference drive
Position
Burlington
~25 min
Larger city and services
West Burlington
~26 min
Hospital, college, retail
Fort Madison
~20 min
Closer alternative
Keokuk
~44 min
Southern regional option
Research estimates to city centers, not guaranteed commutes. Fort Madison has a credible proximity advantage. If the plant locates farther south, we reassess Burlington’s position.
HEALTHCARE
A regional medical hub
Southeast Iowa Regional Medical Center’s West Burlington campus anchors local care. Great River Health employs more than 2,800 people across its system, adding another potential renter base.
EDUCATION & DAILY LIFE
Services already in place
Southeastern Community College, schools and the West Burlington shopping corridor support household life beyond the workday. Partnerships and school capacity would require local discussions.
CONNECTIONS
Access across the region
US-61 connects the corridor. US-34 crosses the Mississippi. Burlington also has an Amtrak station and a regional airport.
“This plant has the potential to draw from a good 45-mile radius”Jon Billups, Burlington mayor · KCRG / KWQC
DEMAND BEFORE THE ANNOUNCEMENT
The housing need did not begin with steel
248
New rental homes targeted for Burlington by 2028
The January 2023 housing study identified 412 total new homes for Burlington, including 248 rentals. This predates the steel announcement.
Pre-announcement rental targets
Burlington · by 2028
248
Lee County · through 2035
199
Different geographies and planning periods. These are study targets, not current vacancies, project reservations or demand figures to add together.
A large investment in a small regional market
Lee County has an estimated 32,306 residents, down 3.7% from its 2020 population base. A project of this size could change the region’s trajectory, but long-term population decline makes independent demand testing essential.
Limited choice in an aging inventory
The Lee County study places the median home’s construction year around 1952. The opportunity includes replacement and better housing choices, not only population growth.
That distinction matters: a new home must earn its rent through quality, location and everyday usefulness.
3.6%Des Moines County adjusted rental vacancy 2023 study
2.4%Lee County for-sale / for-rent vacancy 2026 study, 2024 conditions
36Housing units authorized in both counties combined in 2024
Vacancy measures differ. The permit total is 23 in Des Moines County plus 13 in Lee County. Permits are not delivered homes.
RENT CAPACITY
A new wage base could support a new product
At the reported average of about $49 per hour, a 40-hour week over 52 weeks implies roughly $101,920 in annual gross pay.
$2,548
Monthly housing budget at 30% of that gross income. This includes housing costs and is an affordability illustration, not a proposed rent.
Burlington’s reported median gross rent is $924 for existing stock. That is context, not a comparable rent for new construction.
Local renters remain essential
Permanent homes should also appeal to healthcare employees, existing households and other regional workers. Plant employees alone do not establish a 406-home leasing plan.
Before setting rents, we need current comparable properties, vacancy checks, concessions, the competing pipeline and employer interviews.
ILLUSTRATIVE DEMAND SENSITIVITY
How much of the workforce becomes rental demand here?
Change the assumptions to see why phasing matters. This is a scenario, not a forecast.
210
Illustrative Nelson rental households
196 additional households needed to fill the 406-home concept, including Phase 4.
Jobs × new-household share × renter share × Nelson capture. One employee per new household assumed. No indirect jobs added. Local household demand and prior study targets must not be double counted.
A LOCAL PRECEDENT
Wever has produced a housing surge before
The fertilizer plant had more than 2,700 construction workers on site in early 2015. Regional planners evaluated lodging across a 45-minute radius.
For Nelson, the lesson is to secure temporary demand through employers and contractors, while testing permanent housing against durable household demand.
A WORKING SITE CONCEPT
Four phases. One lasting community.
An illustrative 25-acre layout near Burlington. Drag to rotate, scroll to zoom, or open a marker and rendering.
TemporaryApartmentsDetached homesShared clubhousePhase 4 attached homes
The interactive model is unavailable. The rendering and program below show the concept.
Diagrammatic massing and circulation. No selected parcel, survey, topography or engineering. Illustrative north ↑
FROM CONSTRUCTION CYCLE TO PERMANENT COMMUNITY
The same land. A second housing chapter.
COMPLETED COMMUNITY · Temporary lodging has been removed. Six buildings of six attached homes occupy its former western strip.
One edge. Two housing uses.
Temporary lodging uses a separate 3.1-acre western edge. Once the modules are removed, Phase 4 adds six buildings of six connected townhomes along a central street. Its permanent connection joins the existing resident entrance.
The working test fits 36 additional homes and two side-by-side parking spaces per home, while reserving about 0.7 acres for drainage, utilities and guest parking. Phases 2 and 3 may proceed together; Phase 4 follows demobilization, site restoration and its own demand check.
The selected 25-acre concept
Program / layout
Test
Temporary village / Phase 4 edge
3.1 acres
Apartments in two four-story buildings
250 homes
Detached cottage homes in six courts
120 homes
Later attached homes in six connected buildings
36 homes
Internal access streets for the six courts
2 streets
Shared event clubhouse
10,000 sf
Total illustrative site
25.0 acres
The main road is shown along the right side, with direct resident access to the apartments and detached homes. Two internal streets branch left and right into the courts; there is no street along the leftmost court edge. Temporary lodging has a separate southern service approach. External roads are illustrative and outside the 25-acre boundary; no parcel or access rights are established. Phase 4 adds a separate central street within the western strip after removal. Parking, setbacks, stormwater and fire access remain unverified.
Furnished double-wide or modular housing on the site’s edge. Designed for workers who spend several days here and then return home.
The product
Clean private sleeping rooms with opaque blackout shades, durable furnishings and secure storage. Reliable Wi-Fi, laundry, a shared lounge and practical kitchen access. Pickup-friendly parking and a shuttle pickup point.
The operating model
Explore contractor block bookings and a specialist lodging operator. Size the first release to verified beds, shift patterns and contract duration.
The exit plan
A separate entrance, removable utility connections and a funded removal and restoration obligation. Coordinate removal with contractor demobilization, then prepare this edge for Phase 4 attached townhomes when demand supports them.
A useful Bakken lesson
North Dakota’s Bakken workforce lodges demonstrate modular accommodation with shared services. We would adapt that model to a city-adjacent Iowa setting.
Temporary-use approval and the removal plan belong at the beginning. Historical oilfield room rates do not establish rates here.
Illustrative layout: 30 modular homes
The 3D explorer shows 30 modular footprints on a 3.1-acre edge zone. Each module has a 5.5 × 5.5 m pad for two cars parked side by side, or 60 spaces across the village. A four-private-bed layout would imply 120 beds; unit plans, support services and final parking demand still need operator review. Neither count nor occupancy is committed.
Final capacity depends on the unit plan, code, utility service, operator model and contractor commitments. No revenue or occupancy forecast is assumed.
NIOSH recommends a very dark, quiet and cool sleep environment. Ordinary blinds can leak light; opaque shades or lined draperies should also block light at the edges.
Blackout, including the edgesSpecify opaque roller shades with side channels or well-fitted lined curtains in sleeping rooms.
Quiet where people sleepSeparate bedrooms from shared kitchens, laundry and shuttle activity. Review wall, door and mechanical noise, with quiet hours that recognize daytime sleepers.
Comfort that earns its placeControllable room temperature, a durable bed, a simple desk, secure storage and easy-clean surfaces.
Nelson’s proposed design response to shift-work guidance. The plant’s actual shift patterns and contractor requirements remain to be confirmed.
The first chapter leaves something better behind.
Plan removal, utility treatment and soil restoration from day one. The same edge can support 36 attached rental homes after temporary lodging is removed. Release Phase 4 only after restoration, infrastructure and market demand are confirmed.
Phase 2 · Apartments before the later attached-home phase
PHASE 2
250 apartments. Designed around working life.
Two 125-unit buildings. Three to four stories, wood-frame construction and surface parking. The model tests four stories to conserve land.
2 × 125Apartment program
3–4Stories
400–450Surface stalls to test
Rest after every shift
Opaque blackout shades with light-blocking edges, acoustic separation and quiet bedroom placement. Locate noisy service functions away from bedrooms and review mechanical noise. These are proposed design priorities informed by NIOSH sleep guidance.
Make daily life easier
In-unit laundry, reliable internet, secure package handling and controlled entries. Convenient surface parking and shielded path lighting support late arrivals without directing light into sleeping rooms.
Keep the product attainable
Simple building forms, durable siding with brick accents and practical landscaping. No underground parking or luxury-dependent rent thesis.
Parking range assumes 1.6–1.8 stalls per apartment and requires local zoning review. Fire protection, accessibility, elevators, height and construction type require architect and code review. No code eligibility is assumed.
Phase 3 · Compact detached homes in the completed community
PHASE 3
120 detached rental homes. A neighborhood to settle into.
Six neighborhood courts of approximately 20 homes each. All 120 homes are detached, with visible gaps between buildings. Twenty low-profile cottage homes surround each open shared green, with individual entries and walking connections to the clubhouse. Single-story façades, simple pitched roofs and small covered entries take their cue from the supplied cottage reference.
01 · Turn into your court
A curved loop slows the experience of arrival and creates a recognizable address. Separate cottage homes turn with the street. Each garage and front entry faces inward toward its own court loop; side and rear walls have residential windows. Two internal access streets branch left and right into the six courts.
02 · Meet at the green
Each court frames a usable common lawn with shade trees, benches and a walking path. Front porches overlook the neighborhood; simple entries and short parking drives stay part of a landscaped street.
03 · Walk beyond your front door
A planted promenade links the six courts to the clubhouse and apartments. Common lawns, a practical gym and reservable gathering space serve the whole community.
6Illustrative neighborhood courts
20Homes per court
0Homes in the court centers
The revised 25-acre sketch tests 120 low-profile cottages, each within an 8 × 12 m footprint (about 26 × 39 feet). This is approximately 1,030 sf at ground level including the garage, not net living area. Usable living space, any loft and final floor plans remain to be designed. The wider ground footprint creates tighter spacing; setbacks and fire separation may change the count. Six open court centers establish the neighborhood structure. This is a conceptual plan that requires site-specific design. Turning radii, pedestrian crossings, parking and final yield require design.
Phase 3 can run alongside Phase 2
Parallel delivery is the preferred concept when absorption, infrastructure and financing support it. Homes can release in smaller groups if demand arrives more slowly.
Phase 4 · Attached homes after temporary housing removal
PHASE 4
The next chapter on the same land.
Replace temporary lodging with 36 attached rental homes: six buildings, each with six connected homes. Modest two-story forms, individual entries and repeated gables take their cue from the supplied townhome reference.
6 × 6Buildings × homes per building
36Additional homes in the working test
406Total permanent homes at full buildout
A clear address
Three buildings line each side of a central street. A new connection joins the existing resident entrance after temporary housing is removed.
Compact and practical
Each home tests a 6 × 9 m footprint over two stories, approximately 1,160 sf gross. Two side-by-side parking spaces sit in front of each home. Shared lawns soften building ends.
Room for the essentials
About 0.7 acres at the south end stay reserved for drainage, utilities and guest parking. This is infrastructure capacity to design, not a new park or an engineered stormwater solution.
Later delivery. Its own decision.
Temporary lodging leaves first. Confirm restoration, utility capacity, street access, civil feasibility and demand before advancing Phase 4. The six court greens and shared clubhouse remain amenities for the whole community.
36 homes is a schematic capacity, not an approved yield. The 3.1-acre strip includes all Phase 4 buildings, parking, circulation, setbacks and infrastructure reserve. Final survey, stormwater, fire access, accessibility, zoning and a priced design may change the count.
Completed community · Shared clubhouse with connected parking
THE SHARED HEART
A clubhouse for the whole community
A place to train before a shift, share dinner with neighbors and celebrate with family. One clubhouse gives the entire community a reason to gather.
10,000 sfShared clubhouse planning target
406 homesAll permanent phases at full buildout
~25 sfClubhouse area per permanent home
Useful every day. Welcoming after hours.
24-hour fitnessAccess for residents working different shifts.
Reservable gathering roomFamily events, team gatherings and a catering kitchen.
Resident loungeComfortable seating and flexible space for everyday gatherings.
Everyday conveniencesPackage lockers, mail, restrooms and management space.
The outdoors connects the homes
A central greenThe community’s shared front yard, with a patio and grills.
Connected walking pathsLink the homes, six court greens and clubhouse.
Simple outdoor amenitiesOpen court greens, benches and a simple shared patio. No pool or sports courts.
Shared economicsSize and operating costs tested across 370 initial permanent homes and 36 later attached homes. No event-rental income assumed.
Amenities, finishes and operating hours are concepts, not commitments. A 10,000-sf clubhouse equals about 83 sf per detached home if Phase 3 alone bears the cost. Sharing it with the apartments is central to this vision.
THE EXPERIENCE BEHIND THE VISION
Iowa is home. Housing is work we know.
Development, construction and ownership experience at the scale this opportunity deserves.
418 E Grand · Des Moines, Iowa · Nelson project photograph
1999Year Nelson was founded
$1B+Completed projects across the firm
963Multifamily apartments delivered
8Multifamily properties developed & built
Company-reported figures. Multifamily total reflects Nelson’s published summary. Completed project volume is firmwide, not invested equity, assets under management or investment returns.
MULTIFAMILY FIRST
Relevant experience, close to home
Ground-up apartments and historic conversions demonstrate our range. For Burlington, the most relevant experience is delivering new housing, coordinating construction and preparing properties for long-term operation.
Our multifamily portfolio
Eight Des Moines properties. Select a location for its project page and published status.
An Iowa foundation. A wider development portfolio.
Senior living and behavioral health extend the geographic reach. Hospitality, office, retail and industrial work add breadth to the company’s delivery experience.
Selected public development-map locations. Categories can overlap. Statuses follow the source where supplied. Sold and future projects remain labeled. This is not a map of current ownership or a complete construction inventory.
Our work across Iowa
A closer view of Nelson’s published Iowa development locations, with Burlington shown separately as the area of opportunity.
Beyond multifamily
Selected Nelson project examples. Their scale, returns and product economics do not establish the outcome of the Burlington concept.
THE ORGANIZATION BEHIND IT
Experience across the development process
Our integrated approach brings site planning, preconstruction and financing into the same conversation early. Burlington still requires its own local partnerships, entitlement work and market proof.
Mike Nelson
Founder & Owner
Firm leadership and development experience since founding Nelson in 1999.
David Siegel
President
Leadership spanning asset management, financial modeling and real estate capital structures.
Alexander Grgurich
COO & Director of Development
Leads multifamily, mixed-use and hospitality development from opportunity through delivery.
Current company leadership. A project-specific Burlington team has not yet been designated.
DISCIPLINED EARLY POSITIONING
The opportunity is significant. Each phase needs its own proof.
Our vision is to secure the right position near Burlington and match housing delivery to demand as it becomes real. A delayed plant or a slower hiring ramp must change the plan.
01
Site and infrastructure
Use the 25-acre concept to screen sites, favoring usable land, direct permanent resident access and independent temporary access. Confirm zoning, temporary use, utilities, flood exposure, stormwater, environmental conditions and access to the eventual plant gate.
02
Temporary lodging
Require a credible construction mobilization schedule, contractor demand, operating partner, approvals and removal budget before committing to the village. Test a smaller first release.
03
Permanent housing
Refresh rents and vacancy, evaluate competing supply and verify relocation demand. Price the apartment and townhome designs separately. Advance both together only if financing and absorption support the combined program.
04
Delivery and adjustment
Coordinate utility phases and resident access. Remove temporary housing after contractor demobilization under a funded plan. Phase 4 follows removal, site restoration, civil design and a separate demand check. Stage releases if leasing or plant hiring slows.
What could change the outcome
Uncertainty
Why it matters
Our response
Plant timing and financing
Announcements may precede construction by years.
Milestone-based commitments and limited early exposure.
Final plant location
A southern site could weaken the Burlington commute case.
Re-run routing from the selected parcel to the confirmed gate.
Workforce and household formation
Local hires, commuters and shared households reduce new rentals.
Employer interviews, contractor agreements and market research.
Competition and achievable rent
New supply and existing rents may limit revenue.
Independent rent and absorption study before underwriting.
Site yield and delivery cost
Drainage, utilities, code and parking can reduce unit count.
Civil test fit, agency review and priced design alternatives.
Temporary counterparty exposure
A cancelled contract or abrupt demobilization can strand lodging.
Credit review, payment security and a funded removal plan.
The broader opportunity
A successful industrial investment could also support downtown rehabilitation, for-sale homes and services such as childcare. Those are future avenues to investigate, outside this housing concept.
Today’s scope
No acquisition is represented as complete. No budget, rent schedule, return target, capital structure or investment terms have been established for this concept.
This presentation shares Nelson’s research and vision. It makes no investment ask or offering.
NELSON CONSTRUCTION & DEVELOPMENT
A new chapter for Southeast Iowa. A place for us to help build it.
Our conviction begins with Burlington’s existing needs. Our opportunity grows as the steel project advances.
RESEARCH RECORD
Sources & assumptions
Research snapshot: October 1, 2026. Use the links below to review the evidence behind the story. Project announcements, published portfolio status and market conditions can change.
How to read this presentation
Official and company projections carry attribution. Housing-study targets retain their original geography and date. Design choices and scenario inputs are Nelson planning assumptions.
The 3D model is a diagrammatic test of the program. AI renderings and animated films illustrate character and experience. They are not photographs of a selected site, exact reconstructions of the model, proof of unit counts or approved construction plans. The vision assumes an ordinary inland site; no waterfront location or river view is represented.
Maps use public project locations and approximate regional place markers. No parcel boundary, confirmed steel-plant location, current ownership status or engineered travel time is implied.
