The vacant, two-story building at 110 S. Main St. soon will have new owners.
Andrew and Emily McCready of 563 Design in Dubuque are buying the 110 S. Main St. (Old Trophy building) building and said they hope to start construction soon.
The city of Maquoketa and the Iowa Economic Development Authority (IEDA) helped to make the purchase possible.
The city received a $500,000 Community Development Block Grant and are chipping in $250,000 to help participating downtown property owners rehab their building facades. The city hired the McCreadys as the architects for project.
“We’ve been impressed by the city’s historic building inventory, the opportunities to further downtown’s revitalization, and the synergy of the business owners on the street,” said Emily McCready. “The city is truly transforming, and we wanted to be part of that.
“110 S. Main is a building with much potential, but the necessary repairs are extensive. Now, with the city of Maquoketa and IEDA’s assistance, the project is feasible to develop,” McCready explained. “We can’t wait to bring it back to life and have it once again contribute as a successful and thriving building for the Maquoketa community.”
Maquoketa Betterment Corporation envisioned the project when it purchased the property in 2015. The search for a developer and funding sources to rehabilitate the building began with the assistance of Betterment, the city of Maquoketa, Timber City Development Corporation and Jackson County Economic Alliance.
In April 2018, Maquoketa received a Community Catalyst Building Remediation Grant from the Iowa Economic Development Authority. This grant is earmarked for 110 S. Main to rehabilitate building, which is located in the center of the downtown business district.
This project, which will rehabilitate the nearly 5,000-square-foot commercial space back into productive use and create two upper-story apartments for residential use, is slated to begin early this summer.
The 110 S Main is in a very dilapidated condition and will require extensive rehabilitation, according to JCEA director Nic Hockenberry. To ensure that the building did not remain vacant and deteriorate further, the Maquoketa City Council committed $100,000 to match the state’s $100,000, and the McCreadys committed another $300,000 or more. Additional funding is expected from Iowa’s Redevelopment Tax Credit program and the state and federal Historic Tax Credit programs.
For more information on the project and for leasing information and availability, visit www.563properties.com.