Former Louden Machinery building to be renovated -- 2015

LOUDEN

Posted By: Joey Stark
Date: 2/5/2015 at 15:29:51

"The Fairfield Ledger"
Tuesday, January 27, 2015
Front Page

Broadway Building to become senior housing
By Andy Hallman
Ledger news editor

The Fairfield City Council learned Monday about a plan to remodel the Broadway Building into a senior housing complex capable of holding 40-plus apartments.

David Humphreys, project manager for CBC Financial, notified the council of his company's plans because he sought a letter of support from the council. A letter of support would make it easier for CBC Financial to obtain the tax credits necessary to make the project viable, he said.

The company's plan is to replace the exterior windows and tuck-point the brick on the building that stands at 607 W. Broadway Ave. CBC Financial will remodel the interior to make space for 40-45 senior apartments. Humphreys said in an interview that 75 percent of those would be reserved for low- to moderate-income seniors, and the other 25 percent would be rented at a market rate. He said both the "affordable" and "market" rates would be determined by a state government body.

Humphreys said CBC Financial acquired the Broadway Building a few years ago with an eye toward remodeling it. The company has a few financial hoops to jump through in the next 1.5 years before it can make any major improvements. Humphreys said the company is trying to obtain historic tax credits for the building.

"The reason tax credits are available is to rehabilitate buildings like this," Humphreys said. "It's not uncommon for projects to cost several million dollars, but in the end you have a building that is worth only $1 million. Nobody would remodel such a building without tax credits. It's what makes these projects viable."

If everything goes according to plan, remodeling will begin in the summer of 2016, and tenants can move in the following summer.

Some of the building is unoccupied. Humphreys said that between 16-20 apartments are occupied, and that the "back side" is barely used at all. Some space in the building is reserved for offices. He said it didn't make sense to remodel those rooms without remodeling the whole thing.

In addition to the new apartments the remodeled building will include amenities such as a common area, exercise room, computer room and health monitoring room.

"It would be a place where a health worker can meet with people," he said.

After the remodeling is complete, all the space in the building will be used. Humphreys said it was unlikely that a restaurant would return to the building because that space will be used for the community room.

In order to obtain historic tax credits, developers must attempt to restore the building to how it originally looked. The building, more than 100 years old, was originally the home of Louden Machinery Company. At one time, it was only two stories high, and is now three stories high.

Short of chopping off the top floor, CBC Financial plans to do everything possible to restore the building to its original appearance. Humphreys said the façade will be restored and the windows will be taken out and redone to look as they did in the early 20th century. To honor the building's history, the apartments will be known collectively as Louden Senior Housing.

"The state historic preservation office, which administers the tax credit, makes sure you remodel it in a way that is consistent with the building's history," Humphreys said.

The renovation of the Broadway Building will follow a similar timeline to a project CBC Financial just completed in Fort Dodge in which it turned an old building into senior housing.

Though the company has been planning the renovations for more than a year, Monday's city council meeting was the first time it had made its plans public.

"I think we'll fill up the building really easily and they will turn out to be nice apartments," Humphreys said. "It's in a good location. There's no reason not to move there."

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"The Fairfield Ledger"
Thursday, May 14, 2015
Front Page and Page 9

Broadway Building receives $2.2 million
Historic tax credits go to renovation of 1898 building
By Andy Hallman
Ledger news editor

The Broadway Building in Fairfield has received $2.2 million in state historic preservation tax credits from the Iowa Department of Cultural Affairs.

The Fairfield landmark was one of 20 historic preservation projects in 11 Iowa towns to receive funds from the department of cultural affairs, which awarded $38 million in tax credits.

CBC Financial acquired the building a few years ago with an eye toward renovating the building inside and out. David Humphreys, project manager for CBC Financial, said the company plans to create 40-45 senior apartments inside. He said the historic tax credits are a giant "first step" toward making the plan a reality.

"It gives us optimism for being able to pull it all together," he said. "We will need a couple more funding sources. We're looking into other state and federal tax credits. Without them, renovating the building would not be economically feasible."

In order to obtain historic tax credits, developers must attempt to restore the building to how it originally looked. The building, more than 100 years old, was originally the home of the Louden Machinery Company. At one time, it was only two stories high, and is now three stories high.

Carnegie Historical Museum curator Mark Shafer said the building is one of the most historically significant buildings in the area. When the Jefferson County Preservation Commission was established in 1995, it received a planning grant from the state. After doing research into the county's history, two aspects stuck out as having national significance: the New Sweden community and the Louden Machinery Company.

The first phase of the construction on the building began in 1898. Circa 1915, a third floor was added. Shafer said the third floor was a showroom for Louden's product line. By 1930, Louden Barn Planning Service had custom designed 18,000 barns around the world, including at least one on every continent except Antarctica.

CBC Financial plans to do everything possible to restore the building to its original appearance. Humphreys said the façade will be restored and the windows will be taken out and redone to look as they did in the early 20th century. To honor the building's history, the apartments will be known collectively as Louden Senior Housing.

The company's plan is to replace the exterior windows and tuck-point the brick on the building that stands at 607 W. Broadway Ave. Humphreys said that 75 percent of the senior apartments would be reserved for low- to moderate-income seniors, and the other 25 percent would be rented at a market rate. He said both the "affordable" and "market" rates would be determined by a state government body.

Humphreys said the department of cultural affairs will be mostly interested in the renovations to the exterior, which is the historic part of the building he is trying to preserve.

"When we tuck point the brick, our mortar will have to match the consistency of sand and color of the original mortar," he said.

Humphreys said he would probably have to install exterior stairs for a fire escape, but he would need to be mindful the stairs do not detract from the building's historical appearance.

Within a year, Humphreys hopes the project will be under construction. He expects it will be finished and open to the public by the summer of 2017.

Some of the building is unoccupied. Humphreys said that between 16-20 apartments are occupied, and that the "back side" is barely used at all. Some space in the building is reserved for offices. He said it didn't make sense to remodel those rooms without remodeling the whole thing.

In addition to the new apartments, the remodeled building will include amenities such as a common area, exercise room, computer room and health monitoring room. Humphreys said it was unlikely that a restaurant would return to the building because that space will be used for the community room.

The funds for the Broadway Building mark the first historic preservation tax credits awarded since new legislation that strengthened the program was signed into law last year, and comes during Historic Preservation Month in May.

"We are pleased to support our partners in historic preservation by awarding $38 million in tax credits for these projects," said Steve King, the department of cultural affairs' state historic preservation officer. "This investment is the economic driver and catalyst that makes these projects possible. Preservation of historic properties helps improve the quality of life for residents and visitors in communities that retain the authenticity that makes them unique while generating high quality jobs for local tradesmen."

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"The Fairfield Ledger"
Tuesday, April 26, 2016
Front Page

Grant application for Louden Senior Housing fails

David Humphreys, project manager of CBC Financial, said his effort to win a $5 million low-income housing tax credit from the federal Department of Housing and Urban Development failed.

CBC Financial owns the Broadway Building in Fairfield, which Humphreys plans to renovate into 40-45 senior housing apartments to be known as the Louden Senior Housing Project. Humphreys said at a Fairfield City Council meeting in November that without the low-income tax credit, the renovations would not be possible.

Humphreys said in an interview today that there were 31 applicants and only 11 received a housing tax credit.

The failure of the tax credit application puts the housing project on hold. In November, Humphreys said the company had received a $2.2 million historic tax credit award, a workforce housing tax credit for $210,000, and was working with the county supervisors on a loan.

*Transcribed for genealogy purposes; I have no relation to the person(s) mentioned.

Note: The photo with this posting was part of the first article.

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