December 2, 2024 (DES MOINES, IA) – The Iowa Economic Development Authority (IEDA) has announced more than $43 million in awards to help transform 10 underutilized historic buildings. The awards were made through the Historic Preservation Tax Credit program.
“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.
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. 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.
- 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 are designed to 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.
Download a spreadsheet with today’s awards here.
The Historic Preservation Tax Credit program is administered by IEDA. The next application round for large projects opens in June 2025, with applications due September 16. For more information on the program, visit iowaeda.com/historic-preservation-tax-credit/.