Louden Lofts in Fairfield honored for renovating Broadway Building

FAIRFIELD — Louden Lofts in Fairfield has been honored by the Iowa Economic Development Authority for renovating the Broadway Building into 44 apartments.

Louden Lofts, located at 607 W. Broadway Ave. in the former Louden Machinery Company building commonly referred to as the Broadway Building, was named the winner of the 2022 HousingIowa Multifamily Housing Development Award at the 2022 HousingIowa Conference Sept. 7 in Des Moines.

Jim Danaher, president of CBC Financial, one of the companies responsible for renovating the building, said it felt great to receive statewide recognition for the improvements done to the building. As developer and part of the ownership structure, CBC Financial attracted investment from major companies such as Berkshire Hathaway and Apple Computers to finance the $10 million project spanning five years, which involved renovating the building from top to bottom while preserving its historic elements.

When CBC Financial took ownership of the Broadway Building, it had 16 livable apartments units along with office space and restaurant (formerly home to Vivo Restaurant and Bar). The new ownership converted the building into 44 apartment dwellings, 39 of which reserved for low- to moderate-income tenants. After renovations were complete in 2020, all dwellings were full within four months, and they’ve remained full ever since, with a waiting list to get in.

Every unit has a washer and dryer, stove, oven, microwave, dishwasher, refrigerator and an internet connection through Natel.

CBC Financial Corporation received almost half a million dollars from the Iowa Finance Authority to renovate the building into an affordable housing project. One of the conditions of the Iowa Finance Authority’s grant was to maintain as many historic features as possible. Visitors to the building’s first floor lobby can see a hay carrier and a large barn door. Framed posters in the lobby tell the story of Louden Machinery Company, and one of the business’s old scales greets visitors as they board the elevator.

Danaher noted that the company also cleaned up some environmental problems found on the property, such as abating asbestos and removing lead-based paint.

CBC Financial and the building’s ownership structure aren’t stopping with those 44 new units. The owners are planning phase II for the area, which will include building senior housing just south of Louden Lofts. Danaher said development of phase II is in the early stages, though the land has been acquired and the owners are preparing designs. He said it likely won’t be ready until 2024.

CBC Financial is undertaking another major housing project, building 30 townhomes in Ottumwa in what will be called Asbury Heights because it will be on Asbury Avenue.

“That’s another $10 million project, and we’ve already received the financing for it,” Danaher said.

Call Andy Hallman at 641-575-0135 or email him at andy.hallman@southeastiowaunion.com