Photo Courtesy: City of Sioux City - Commerce Building
Photo Courtesy: City of Sioux City - Former Hatch Furniture building
Photo Courtesy: City of Sioux City - Former Methodist Hospital
SIOUX CITY (KTIV) -
An Omaha real estate development firm announced the redevelop of three historic buildings in downtown Sioux City.
J. Development purchased properties on 413 Pierce Street, the Commerce Building, 520 Nebraska Street, the former Hatch Furniture Building, and 2825 Douglas Street, the former St. Luke's/Methodist hospital building.
They said they are planning to convert them into mixed-use and market-rate residential facilities.
"All the arts, and culture and things that are here so were excited to continue that mission, by having people live here because it is proven that the more people that live downtown the more successful downtowns will be," Julie Stavneak, with J. Development said.
The City of Sioux City said Friday, J. Development was awarded $1.5 million by the Iowa Brownfield/Grayfield Program for the redevelopment of the Commerce Building and St. Luke/Methodist Building.
The City of Sioux City said they are currently finalizing details on the package of gap financing which will include tax rebates and abatement, grants and loans.
The investment for the projects will be $34 million. ?
Developer plans: 413 Pierce Street -- former Hatch Furniture Building J. Development has purchased the building and plans to redevelop all four floors, a total of 31,016 square feet, into 30 market-rate residential units. Once complete, the first floor will offer 6,175 square feet of leasable commercial space with a total capital investment of $5.95 million.
520 Nebraska Street -- Commerce Building The developer will completely renovate the property, including 18,000 square feet of commercial space on the first floor and nearly 83,000 square feet of residential space on floors 2-5. When completed, the project will create 77 new market-rate apartments with a $16.25 million capital investment.
2825 Douglas Street -- former St. Luke’s/Methodist Hospital Building The developer plans to completely redevelop the property, including a total of approximately 53,600 square feet of residential space on four floors. The building will be 100% residential with 69 market-rate apartments, 53,605 square feet, 5 floors and $12.4 million total capital investment.