Restoration of Dubuque's Iowa Inn/YMCA into affordable senior apartments on target for fall completion

Project partners announce new property name
 
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City officials and representatives from Heartland Properties, Inc., a division of Alliant Energy Resources, and MetroPlains Development, LLC, gathered at Dubuque's Iowa Inn/YMCA building today to for a mid-project peek at the property's renovation. The historic structure, located on the corner of Ninth and Iowa Streets, is being redeveloped into affordable senior apartments.
Gary Stenson, president of MetroPlains Development, said the renovation, which began in June of 2000, is on schedule and expected to be complete this summer. "It's exciting to see the transformation of this grand old building," said Stenson. "We're creating attractive and functional apartments while preserving the architecturally significant features of the building. This project is about meeting today's senior housing needs without compromising historic presence and beauty."
When complete, the facility will house 33 one and two-bedroom apartments for people age 55 and older. An inner courtyard, accessible from the alley that runs behind Dubuque's Main Street, will allow grade-level entry and private outdoor space for residents. The building will also be elevator equipped, with community and card rooms and air conditioning. A variety of local and federal programs will provide financial assistance to keep rent affordable for seniors living on restricted incomes.
In addition to sharing an update on the renovation progress, project partners announced a new name for the property - Henry Stout Senior Apartments. "In researching the property's history, we discovered it has a strong connection to the Henry L. Stout family," explained Ruth Domack, president, Heartland Properties, Inc. "The Stout family home was once located at the site and the land donated to the YMCA by Mr. Stout in 1894. In keeping with our mission to preserve the heritage of the community and this building, we felt it appropriate to name it after this prominent and philanthropic man." Originally the property was to be named Cornerstone Senior Apartments.
A lumberman, Stout arrived in Dubuque in 1836, worked his way up in the Knapp-Tainter Lumber Co., eventually becoming a partner in the firm. He amassed one of Dubuque's largest personal fortunes between 1853 and 1900. His success in the lumber business led him to diversify his investments and his serving on a host of boards of directors within the transportation, banking, and manufacturing industries. Stout actively supported various local charities in Dubuque - including the Dubuque YMCA - and was a strong advocate for education.
There were four children in the Henry Stout family, James, Jennie, Frank and Fannie. Frank followed in his father's footsteps and became president of Knapp-Stout Lumber CO. Frank was involved in many other business ventures; the most notable is the Star Electric Company, an early predecessor to Interstate Power Company, which today is part of Alliant Energy.
Redevelopment of the Iowa Inn/YMCA building is estimated to cost $4.3 million. The project is being made possible through a $3.5 million investment by Alliant Energy Resources through its affordable housing subsidiary, Heartland Properties, Inc. Additional financial support is being provided by the City of Dubuque, the Iowa Finance Authority and other federal sources.
"We're proud of this important investment in the Dubuque community," added Domack. "The emerging need for affordable senior housing in our country is undeniable. We value the opportunity to partner with forward-thinking communities like Dubuque in meeting the demand. We hope to redevelop similar historic treasures throughout the state of Iowa."
The Henry Stout Senior Apartments project is part of an on-going effort by the city of Dubuque to revitalize its downtown area. "Preserving this landmark building demonstrates our commitment to future generations and a strong respect for the past," said John Larsen, a Dubuque-based executive for Alliant Energy. "All of us at Alliant Energy are proud to be part of this community effort and look forward to being neighbors to residents of the Henry Stout Senior Apartments."
Henry Stout Senior Apartments will open for occupancy July 1, 2002. Horizon Asset Management of Dubuque will manage the property. For application information, call (563) 556-1188.

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