Three area developers are in-line to get nearly $3,000,000 apiece from Iowa’s Economic Development Authority…the money to be used to convert older buildings into upper-floor apartments.
In downtown Burlington, Tama Historic LLC will use its 3-million to create 48 apartments in the Tama and former Chittenden & Eastman Buildings, at the northwest corner of 3rd and Jefferson.
When we posted the news on Facebook, someone who saw it commented that these would just be “more downtown apartments that no one who lives and works in Burlington can afford,” but Downtown Partners Executive Director Steve Frevert says that’s not the case. For one thing, he says 99% of the apartments, condos and single-family homes currently available downtown are rented. And second, because of the Community Development Block Grant involved, 51% of the apartments in the Tama and Chittenden & Eastman buildings must be rent-controlled; within 80% of the median county income.
The new owner and developer-of-record will be Keokuk attorney Kevin Kunkelman.
In Ft. Madison, Frantz Community Investors is planning to renovate some upper stories into 28 apartments. And in Mt. Pleasant, Hobart Historic Restoration has plans to turn the Brazelton Hotel into 19 apartments, with some additional funds to be used for storm-water management. (The money will all come in the form of Community Development Block Grants.)
And speaking of grant money, the Wellmark Foundation is sharing more than $168,000 with Burlington…Ft. Madison…Keosauqua…and Muscatine…for various trail…crossing…and sidewalk projects. In Burlington, more than $18,000 will help to improve the trail crossing at Highway-61(Roosevelt Avenue), to make it safer for walkers & riders…..Ft. Madison is the recipient of $75,000, which will assist the Park & Rec Board in its three-phase trail plan. The Wellmark Foundation will send $75,000 to the City of Keosauqua, to help it connect the existing Loop Trail to the downtown area…..and Muscatine is expecting $50,000 for connecting five gaps in the City’s sidewalk system.
