Home Local News DOWNTOWN PROJECTS AWARDED HISTORIC TAX CREDIT FUNDING

DOWNTOWN PROJECTS AWARDED HISTORIC TAX CREDIT FUNDING

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TWO SIOUX CITY DOWNTOWN BUILDING PROJECTS HAVE RECEIVED HISTORIC TAX CREDIT FUNDING APPROVAL FROM THE IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT.

THE COMMERCE BUILDING AT 520 NEBRASKA STREET, ALSO KNOWN AS THE OLD MOTOR MART BUILDING, WAS AWARDED JUST OVER FOUR MILLION AND 22-THOUSAND DOLLARS.

THE FORMER MONTOGMERY WARD BUILDING AT 413 PIERCE STREET, WHICH LATER HOUSED HATCH FURNITURE, WILL RECEIVE OVER ONE-POINT FOUR MILLION DOLLARS.

BOTH PROPERTIES ARE BEING DEVELOPED INTO MIXED USE RESIDENTIAL AND RETAIL PROJECTS BY J DEVELOPMENT COMPANY OF OMAHA.

THAT COMPANY IN OCTOBER OF 2017 ANNOUNCED A $34 MILLION DOLLAR PROJECT TO REMODEL THOSE PROPERTIES AND THE OLD ST. LUKE’S/METHODIST HOSPITAL AT 2825 DOUGLAS STREET INTO MIXED USE AND MARKET RATE RESIDENTIAL PROPERTIES.

WHEN COMPLETED, THE COMMERCE BUILDING WILL INCLUDE COMMERCIAL SPACE ON THE FIRST FLOOR AND 77 NEW MARKET-RATE APARTMENTS ON FLOORS 2 THROUGH 5.

THE OLD FOUR STORY HATCH FURNITURE BUILDING WILL BE CONVERTED INTO 30 MARKET-RATE RESIDENTIAL UNITS.