Novelty Iron Works

Developer: Sustainable Neighborhood Builders, Inc.

Type of Development: Mixed Use/Historic

Owner: Warehouse Trust, LLC/Novelty Iron Landlord

Cty and State: Dubuque, IA

Contact Person: Rich Bean

Phone: n/a

Contact Email: [email protected]

Allocation Amount Requested: $8,000,000

Brief Description of Development:

Novelty Iron Works is a 260,000 SF historic millwork factory in Dubuque's Historic Millwork District.  The first phase of development is fully funded and underway and we are seeking to close our final gap on Phase 2, which includes approximately 100,000 SF and will create (restore) additional commercial and residential space.

When both phases are complete the project will offer 110 rental apartments and over 70,000 of retail/office space.  The total budget for both phases is $43.5MM.

This project helps to address a critical rental housing shortage in downtown Dubuque and will provide space to non-profit organizations and the artist community at "below-market" rates.  The project is part of a $200MM district revitalization effort and the City of Dubuque is one of our many partners.

But-For Statement:

This project's first phase could not have proceeded without NMTCs, and the second phase is no different.  Even with NMTCs, the ROI for the project phase is very low (single digit) and is done in part by the investor group to support Dubuque revitalization and local community building.