Conversion of transient hotel and former annex to 48 apartments with street level retail.
Randolph project gets $3.6 million in tax credits
A proposal to rehabilitate the Randolph Hotel at Fourth Street and Court Avenue received tax credits valued at $3.6 million today from the Iowa Finance Authority (IFA).
Harry Bookey's BHE Acquisitions LLC plans to convert the eight-story hotel into a 36-unit apartment building. He outlined the idea last fall as a $13 million project.
The IFA today disbursed more than $60 million in funds from the federal Low-Income Housing Tax Credit program. The money will go toward projects creating 768 housing units in 15 Iowa communities.
Three other Central Iowa projects received tax credits:
-Conlin Development Group's rehabilitation of 24 units at Willow Bend II Apartments at 6500 S.W. Ninth St. received a $1.2 million award.
-Conlin Development Group's construction of 41 units at Deer Ridge VI Apartments at 6000 Creston Ave. received $3.3 million.
-The rehabilitation of 150 units at the Homes of Oakridge at 926-1236 Oakridge
The developer has been in discussions with the artist galleries and community immediately surrounding the building to provide needed services. The entire first floor of common space will be available for building residents and outside arts groups, there will also be space available for lease to artists groups. The first floor will include art production spaces for visual arts and pottery, performance space, gallery space, building office and a fitness center. The outdoor plaza area will include a large landscaped sculpture garden and performance area.
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