$43M In Tax Credits Will Revitalize 10 Iowa Historic Buildings
Historic Preservation Tax Credit program supports the rehabilitation of underused or vacant historic buildings, while maintaining the historic features that enhance neighborhoods, communities.
Through its Historic Preservation Tax Credit program, the Iowa Economic Development Authority (IEDA) has awarded more than $43 million to help transform 10 underutilized historic buildings across the state.
“Historic buildings are tangible symbols of a community’s past, and repurposing these gems creates such character-rich spaces for new opportunities,” said Debi Durham, director of IEDA and the Iowa Finance Authority. “In addition, these projects often serve as a catalyst for the redevelopment of a block, a street or a district.”
The Historic Preservation Tax Credit program provides a state income tax credit to projects that rehabilitate underused or vacant historic buildings while maintaining the historic character-defining features that enhance neighborhoods and communities. Work completed on buildings must meet the Secretary of the Interior’s Standards for Rehabilitation.
“Historic buildings are tangible symbols of a community’s past, and repurposing these gems creates such character-rich spaces for new opportunities.”
The most recent application round opened in January with approximately $43 million available for awards. IEDA received 13 applications requesting more than $63 million in tax credits. Projects are scored based on readiness, financing and local support and participation.
In Muscatine, KENT Corporation plans to renovate McKee Plaza into offices for its Precision Foods and Pet Group employees. Above, KENT Precision Foods Group President Mike Eversmeyer tours a group of employees through the historic button factory. (Photo: KENT)
This round of awards will help to enhance historic buildings across the state, including:
Des Moines: The first 15 floors of the Financial Center, a 25-story downtown skyscraper that once was Iowa’s tallest, will be renovated, with office space converted into 190 apartments. The ground floor will offer a restaurant, café, lobby, mail, and bike storage areas, while a business center, skywalk access, a fitness center, a clubroom, a rooftop deck, pool amenities, and a dog park are planned for the second, third, and fourth floors. Level 2 charging stations will service at least four electric vehicles (EVs).
Dubuque: Constructed in 1907 as the second location of Roshek Brothers Co. Department Store, this four-story building will feature commercial space on the first floor, with 36 market-rate residential apartments on the upper floors.
Muscatine: KENT Corp., headquartered in Muscatine, is expanding into the former McKee Button Co., a three-story brick structure that was once known as the world’s largest freshwater pearl button factory. McKee Plaza will include 27 offices, 60 open offices, six meeting rooms, a research kitchen, a presentation kitchen, collaboration and lounge areas, and an employee fitness area.
Sioux City: East High Lofts will redevelop the century-old East Junior High School building into modern, energy-efficient apartments. One- to four-bedroom units will serve individuals and families with low to moderate incomes, with five units set aside for those at risk of homelessness. In addition, shared spaces will include a community room, a fitness center, and outdoor recreational areas.
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