The 712 Initiative is thrilled to announce the Peter Kiewit Foundation has awarded a $300,000 grant our organization to provide capital support for the renovation of 530 West Broadway.
If you’re not familiar with it, 530 W. Broadway is one of a few buildings that remain from the former urban wall of Council Bluffs’ historic downtown. The 712 Initiative will redevelop the currently underutilized 20,000 square foot building, originally built in 1902, into mixed-use with 19 residential units and 7,300 square feet of commercial space.
The total renovation of the building is estimated around $5.3 million, with 80% of funding already secured. This is said to be the toughest of the three project sites on this block due to a large gap in financing and limited investor return in the area.
“As JFK famously stated, we “do the other things not because they are easy, but because they are hard.” It is truly our staff’s internal mantra and why we exist to take on these projects.”
-Sheryl Garst, CEO
For 530 West Broadway, Alley Poyner Macchietto serves as the main architect and Lund Ross Construction as General Contractor. Both organizations were selected for their experience restoring and converting similar century old properties.
Similar projects completed by The 712 Initiative on the 100 Block of W. Broadway (the Rise on Broadway, Sawyer Building, and Hughes Irons Flats) are all very successful, fully occupied with residential wait lists. Our organization is looking to recreate the success now a few blocks away at the 500 Block of West Broadway to link to other community and partner investments on South Main.
Ultimately, our nonprofit wants to change the history of disinvestment in the area. Increased density in this historic downtown area will greatly contribute to the vibrancy of the Bayliss Park district and help connect the Historic 100 Block of West Broadway and the South Main district where Pottawattamie Arts, Culture, and Entertainment (PACE) resides.
We’re excited to bring the Peter Kiewit Foundation in as a partner on this important project.