Dupaco announces plans to invest in Millwork District in Dubuque
An eastern Iowa credit union announced its plans to make a multi-million dollar investment in Dubuque's growing Millwork District, and city leaders say it will be a great addition to the area.
Dupaco Credit Union plans to buy and revitalize the so-called "Voices" building at the corner of 10th and Jackson Streets.
The building has been vacant for years, so it needs a lot of work.
CEO Joe Hearn said it will be a $37 million project. However, the company hopes to leverage federal, state and local tax incentives to reduce the cost to $24 million.
Hearn said Dupaco would use the building's top three floors for administrative office space.
The credit credit union would lease the bottom two floors for retail or commercial use.
Hearn said this project is all about investing in the community.
"This facility will allow us to continue to add staff to support our members and allow us future growth potential, as well as aligning with community initiatives and space to potentially lease back to tenants and community entities to provide an enhanced benefits to the Millwork area," he said.
The city's economic development department says this will be a great addition for the district but also for the entire city.
Jill Connors, project manager and future economic development director, said, "it's going to increase the tax base of that particular property and that goes back into the city coffers and county and school district, so it allows us to do even more improvements throughout the community."
Connors said the city does have a master plan for the Millwork District that includes adding residential, retail and commercial space.
Hearn said this plan isn't quite final year. Dupaco is waiting on approval from the city council.
If all goes as planned, they expect to move into the building in late 2020.