$1.7M grant awarded for redevelopment project to turn former LAMB Theatre into apartments

SIOUX CITY (KTIV) - The former LAMB Theatre building is getting some financial aid to help in its new redevelopment project.

The Iowa Finance Authority awarded the former LAMB Theatre building at 417 Market Street with a $1.7 million in Low-Income Housing Tax Credits (LIHTC).

The city of Sioux City says it undertook an extensive public engagement process to support the project, with the input and review by the Sioux City Parks and Recreation Board and Planning and Zoning Commission.

The former LAMB Theatre building used to be Webster Elementary School and has been owned by Sioux City since 1999.

The city states, “The redevelopment project, now known as The Web Apartments—a tribute to the building’s history as Webster Elementary School—will feature a comprehensive historic restoration of the existing structure, along with the construction of two new buildings on the site. Once completed, the development will provide 54 new affordable housing units for the community."

City officials say they are grateful to the Commonwealth Development Corporation of America for their commitment to invest approximately $18 million throughout 2024, 2025, and 2026.

“This significant investment will not only preserve an important historic property but also expand affordable housing opportunities and contribute to the continued revitalization of the surrounding neighborhood,” stated the City of Sioux City.

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