Major Renovation of 1880’s Mixed-Use Structure
$2.2mm Public/Private Partnership between Private Developers and City of Grinnell
The long awaited $2.2mm major renovation of the Beyer Building will be completed in December, with Hope Counseling, Inc. occupying 3,413 square feet of renovated ground floor commercial space, and the first residents moving into the newly renovated loft apartments.
Pre-renovation Conditions of Beyer Building Second Floor
The Beyer Building is located on the east side of the alley between Main and Broad in Grinnell’s Historic District. Built in 1880, the building was owned for many past years by Robert Hamilton and Rachel Bly. Dick Knapp, a Grinnell ’76 graduate and Washington, D.C. based developer, along with locally based Craig Cooper, purchased the building January 19, 2024.
The residential component of the Beyer renovation containing the loft apartments has been named The Hamilton in honor of Bob Hamilton’s far-reaching contributions to the City of Grinnell. He passed in February of this year.
The Beyer Building has been for many years a City priority for redevelopment. Its serious structural weakness in foundation and walls, as well as the vacant, deteriorating upstairs office space, required that City raise $1,400,000 of public funds to supplement $800,000 of private funds raised by Knapp that the project could financially support with available project cash flow .
The City was successful in obtained this $1,400,000 as follows; $884,000 American Rescue Plan (ARP) funds from the State’s Iowa Finance Authority; $150,000 from the Iowa’s Region VI Economic Development District; and $360,000 from the City of Grinnell. Knapp invested $200,000 of private equity and obtained a $600,000 loan from Grinnell State Bank to fulfill the required private sector contributions that were economically justified.
Russ Behrens of the City, Rachael Kinnick of the Chamber, and Delphina Baumann of Grinnell Private Investment Corporation (GPIC) played instrumental roles in making this complex redevelopment happen. As well, permitting was completed expedioulsy by the City.
Scott Hamilton of Black Electric, Inc., the General Contractor, is wrapping up this December a $1.6mm construction budget. Collaborating closely with Knapp is local partner Craig Cooper, who among other responsibilities oversaw the General Contractor and self-performed a few key trades himself. The project was completed on time and on budget.
The renovated lofts will have modern finishes such as stainless-steel appliances, cherry wood cabinets, vinyl plank flooring, and energy efficient heat/AC. The development will be pet friendly, smoke free and include an in -building laundry facility.
The eight apartments will be a mix of one bedroom and two bedroom lofts. Rents will range from $850 per month to $1,150 per month (plus utilities). Public financing used for this development requires that rents be affordable to households earning 80% or less of Area Median Income in Poweshiek County, which ranges from $53,600 for a 1-person household up to $76,550 for a 4-person household.
The Property Manager for both the commercial space and the loft apartments is Debee Lehrman of All In Real Estate Inc. Details on the Hamilton loft apartments and contact information is below.
Appendix – Development Team
Owners: Dick Knapp and Craig Cooper
General Contractor: Scott Black, Black Electric, Inc.
Legal: Tom Lacina
Architect: Wertzberger Architects PC
Structural Engineer: James E. Tometich, PE
Property Manager: Dedee Lehman, All In Real Estate Inc.
