It was created in 1998 after University Avenue was vacated by U.S. Highway 218 (US 218), which had recently moved to a new freeway a few miles north.

It traveled east past College Square Mall and the restaurants which surrounded it before turned to the southeast at Waterloo Road.

Just three-quarters mile (1,200 m) into Waterloo, University Avenue met Greenhill Road at an unusual partial cloverleaf interchange.

One-half mile (800 m) from its eastern end, University Avenue crossed Black Hawk Creek, a tributary of the Cedar River.

[6] The DOT paid the City of Cedar Falls $20 million to complete the transfer on July 21.