AN OMAHA FIRM HAS ANNOUNCED PLANS TO PURCHASE AND CONVERT THREE HISTORIC SIOUX CITY BUILDINGS INTO MIXED USE HOUSING AND RETAIL FACILITIES.
J. DEVELOPMENT WILL SOON BEGIN WORK ON THE COMMERCE BUILDING LOCATED AT 520 NEBRASKA STREET, THE FORMER HATCH FURNITURE BUILDING AT 413 PIERCE AND THE OLD ST. LUKE’S/METHODIST HOSPITAL AT 2825 DOUGLAS.
JULIE STAVNEAK, J. DEVELOPMENT’S CO-FOUNDER, SAYS THE COMMERCE BUILDING PROJECT WILL INCLUDE COMMERCIAL SPACE ON THE FIRST FLOOR AND 77 NEW MARKET-RATE APARTMENTS ON FLOORS 2 THROUGH 5 WITH A $16.25 MILLION DOLLAR CAPITAL INVESTMENT:
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STAVNEAK SAYS THE OLD FOUR STORY HATCH FURNITURE BUILDING WILL BE CONVERTED INTO 30 MARKET-RATE RESIDENTIAL UNITS.
THE FIRST FLOOR WILL ALSO OFFER LEASABLE COMMERCIAL SPACE WITH A TOTAL CAPITAL INVESTMENT OF NEARLY SIX MILLION DOLLARS.
SHE SAYS THE BUILDINGS WILL ALSO RETAIN THEIR HISTORIC LOOK:
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THE FORMER METHODIST HOSPITAL BUILDING WILL BE 100 PER CENT RESIDENTIAL WITH 69 MARKET-RATE APARTMENTS AND A TOTAL INVESTMENT COST OF $12.4 MILLION DOLLARS.
J. DEVELOPMENT WAS APPROVED FOR STATE GRANTS IN THE AMOUNT OF $750,000 FOR THE COMMERCE BUILDING AND $750,000 FOR THE OLD METHODIST HOSPITAL.
THE FIRM WAS PREVIOUSLY AWARDED TAX CREDITS FOR THE PROJECTS THROUGH THE IOWA WORKFORCE HOUSING TAX CREDIT PROGRAM.
THE AGREEMENTS FORMALIZING THE CITY’S FUNDING IS EXPECTED TO BE PRESENTED TO COUNCIL FOR CONSIDERATION IN EARLY NOVEMBER.
