$43M in Tax Credits to Revitalize 10 Historic Iowa Buildings

Major Investment to Breathe New Life into Iowa’s Historic Buildings

December 2, 2024

For more information contact:

Ms. Kanan Kappelman

515.348.6248

[email protected]

Over $43 Million Allocated for Restoration of 10 Historic Buildings in Iowa

DES MOINES, IA – A significant financial boost has been announced by the Iowa Economic Development Authority (IEDA) with more than $43 million dedicated to revitalizing 10 historic structures across the state. These funds are part of the Historic Preservation Tax Credit program, which aims to rejuvenate neglected or underutilized historic sites.

“Historic buildings are tangible symbols of a community’s past, and repurposing these gems creates such character-rich spaces for new opportunities,” noted 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.”

This program offers state income tax credits to projects that restore vacant or underused historic buildings while preserving architectural features that define these structures. Projects must adhere to the Secretary of the Interior’s Standards for Rehabilitation.

During the latest application period that began in January, $43 million was available, with IEDA receiving 13 proposals totaling over $63 million in requested credits. Awards were determined based on aspects such as project readiness, funding, and community involvement. Notable projects benefiting from these funds include:

• Des Moines — The 25-story Financial Center, once Iowa’s tallest building, will undergo a transformation of its first 15 floors. The project includes converting office spaces into 190 residential units and developing amenities such as a restaurant, café, and various recreational facilities. Additionally, it will feature electric vehicle charging stations.
• Dubuque — The Roshek Brothers Co. Department Store, built in 1907, will be revitalized with commercial spaces on the ground floor and 36 residential units above.
• Muscatine — KENT Corp. is expanding into the former McKee Button Co., turning it into McKee Plaza with multiple offices, meeting rooms, and collaborative areas.
• Sioux City — The historic East Junior High School will be converted into East High Lofts, offering modern, energy-efficient housing. The project will provide units for low to moderate-income residents and include community amenities.

For a detailed breakdown of the awarded projects, download the spreadsheet here.

The IEDA oversees the Historic Preservation Tax Credit program, with the next application period for large projects opening in June 2025. Applications are due by September 16. Additional information can be found at iowaeda.com/historic-preservation-tax-credit/.

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