Eight historic buildings in Burlington, Des Moines, Dubuque, Iowa City, Ottumwa and Waterloo are getting a share of more than $18.5 million in state historic preservation tax credits, the Iowa Economic Development Authority announced Nov. 2 (via Iowa Economic Development Authority).
Competition was stiff. The round opened in July and drew 16 applications asking for almost $51 million, close to three times what was handed out. IEDA said it scored projects on how ready they were to go, their financing, and local support.
"I love seeing these historic buildings find a new purpose and continue to be part of their neighborhoods," said Debi Durham, who leads both IEDA and the Iowa Finance Authority.
IEDA highlighted four of the winners.
In Burlington, the former Burlington High School, which opened in 1910, is being turned into 45 affordable one- and two-bedroom apartments for people 55 and older. The three-story building, also known as the Apollo, was the city's main high school until 1970 and landed on Preservation Iowa's most endangered list in 2017. A 2024 Iowa Finance Authority housing tax credit award listed the project at 45 units with a total development cost of $21 million, with the Ales Foundation as developer.
In Des Moines, the Davidson Bros. Company warehouse, built in 1901, is being rehabbed into downtown office space, with masonry, window and mechanical, electrical and plumbing upgrades. City council documents put the building at 108 Third St., just south of Court Avenue, with an estimated cost of $7.4 million and construction running from mid-2026 to mid-2027. The developer is JDS Real Estate Investments of Urbandale.
In Dubuque, the James M. Sullivan Block, built in 1896 as three rowhouses, was finished in August as a nine-apartment building, with its original porches restored and masonry repaired.
In Iowa City, the Union Bakery building dates to 1862 and sits in the Northside neighborhood at the corner of Market and Linn streets. Two ground-floor storefronts have already opened to new small businesses, and 12 apartments are under construction upstairs. The Iowa City Downtown District reported earlier this year that owners Peter and Meghan Byler bought the building in March 2025 and that the work covers mechanical, plumbing, electrical, fire suppression and structural systems (Iowa City Downtown District).
IEDA didn't describe the Ottumwa and Waterloo projects in its release. A full list of awards is posted with the announcement.
The state credit is worth up to 25% of qualified rehabilitation spending, and the credits can be transferred, according to IEDA's program page. Every project has to meet the Secretary of the Interior's Standards for Rehabilitation, and the State Historic Preservation Office reviews the work. If it doesn't measure up, IEDA won't issue the credit. Single-family homes are no longer eligible after a 2025 law change.
The next application round opens in January, with applications due in March.
Why it matters for Contractors
These are mostly big-ticket jobs with developers and general contractors already lined up, but historic rehab work runs deep into the trades. Masonry repointing, wood window restoration, porch rebuilds and fitting new mechanical, electrical and plumbing systems into old buildings are exactly what these projects need, and the Secretary of the Interior's Standards mean the owner can lose the credit if the work isn't done right.
If your shop has historic experience, or wants it, these projects and the next round of winners are worth tracking. Developers are often named in city council packets, and IEDA posts its award list with each announcement. If you're a small builder who owns an old commercial or mixed-use building, the January round is the next chance to apply. The minimum spend for a commercial project is the lesser of 50% of the building's pre-rehab value or $50,000, and SHPO's review can take up to 90 days per part of the application, so plan early.