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$34 Million Transformation of Three Historic Buildings

Real estate development firm, J Development, has announced plans to redevelop three historic buildings in Sioux City, including 413 Pierce Street (former Hatch Furniture Building), 520 Nebraska Street (Commerce Building) and 2825 Douglas Street (former St. Luke’s/Methodist Hospital Building). J. Development, an Omaha, NE-based firm, will purchase the three properties for development into mixed-use and market-rate residential facilities. Redevelopment of the three projects will add more than 175 market-rate housing units to the market with a total capital investment of $34 million.

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.

Earlier today, J. Development was approved for an award from the Iowa Brownfield/Grayfield Program in the amount of $750,000 for the Commerce Building and $750,000 for the former St. Luke’s/Methodist Hospital Building. The firm was previously awarded tax credits for these projects through the Iowa Workforce Housing Tax Credit Program. The City of Sioux City is currently finalizing details on a package of gap financing which will include tax rebates and abatements, grants and loans. The agreements formalizing the City’s funding is expected to be presented to Council for consideration in early November. 

J. Development Asset Manager, Ryan Spellman said, "J. Development Company is thrilled to bring these great projects to Sioux City and we are grateful to our many partners including the City of Sioux City, Iowa Economic Development Authority, and M+ Architects. We see great potential in the Siouxland area and look forward to providing its residents with high quality, unique apartment housing. We’re also excited about the opportunity to preserve the history of these great buildings and give them new life so that they will remain part of the city’s fabric for the next 100 years.

 

About J Development
Established in 2004, J. Development company specializes in mixed-use historic preservation and new construction projects. With over 40 years of experience in real estate development and construction, the Omaha-based firm is committed to creating high quality living and working environments. Find details surrounding recent projects in the Omaha/Council Bluffs area at www.j-dev.com.

 

Commerce Building Former Hatch Building Former Methodist Hospital