West Des Moines, IA (March 12, 2014) – Hubbell Realty Company’s historic rehabilitation of two Spaulding Center buildings in Grinnell was selected to receive an affordable housing tax credit award of $604,500 from the Iowa Finance Authority (IFA). Hubbell had been pursuing the necessary funding sources to bring Spaulding Lofts, a 77-unit rental apartment community, to fruition. This affordable housing award will move the project forward with construction slated to begin fall 2014.

The Spaulding Center was originally built in the 1870s and is the former home of Spaulding Manufacturing Company, an automobile manufacturer. The $12.5 million conversion of these facilities into Spaulding Lofts will result in the creation of 41 one-bedroom and 36 two-bedroom lofts. Lofts will feature architectural elements original to the automobile manufacturing facility, including exposed brickwork, wooden beams and soaring ceilings. Amenities include a community room, business center and fitness center.

“The City of Grinnell is proud to partner with Hubbell Realty Company and the Iowa Finance Authority to adapt this cultural asset into useful living space,” stated Grinnell Mayor Gordon Canfield.

“IFA’s support is important in moving projects such as Spaulding Lofts forward, and we were excited to hear we received an affordable housing award for this historic rehabilitation,” added Kris Saddoris, Vice President Development, Hubbell Realty Company.

Spaulding Lofts has also received State of Iowa Brownfield Redevelopment Tax Credits as well as Federal and State Historic Preservation Tax Credits.

Spaulding Lofts will be located between 3rd Avenue and 4th Avenue along Pearl Street and Spring Street in Grinnell, Iowa. The historic rehabilitation will be completed by Hubbell Construction Services. For more information, call 641-236-6555 or email exec@grinnellchamber.org.