“Footprint” of Jordan Creek Town Center development in West Des Moines, overlaid on the “East Village” neighborhood of downtown Des Moines, courtesy of Jim Thompson
Four of the oldest buildings in downtown Waterloo “have been renovated with their historic features revived,” John Molseed reported for the Waterloo-Cedar Falls Courier on May 13. A block that had been vacant since 2007 will now hold “four commercial spaces and six loft-style apartments.” The city of Waterloo and the state historic tax credit program helped secure private investment for the project.
Renovating older buildings is much better for the environment than razing them. The economic benefits of historic preservation are not always easy to measure, but converting vacant buildings to commercial or residential use generates revenue.
Downtown property is the most valuable per acre, according to data compiled by Jim Thompson, a business specialist for the Iowa Economic Development Authority’s Main Street Program. For that reason, Thompson advises anyone who will listen, “If you want to help your school districts, invest in your downtown buildings.”
His message should resonate with local officials after yet another state legislative session produced a disappointing budget for K-12 schools. With Thompson’s permission, I enclose below some materials he has created to show the impact of repurposing downtown buildings.