MOUNT PLEASANT—The Iowa Economic Development Authority has awarded $455,000 to a Mount Pleasant developer to add seven downtown apartments.
Lowe Holdings LLC received the funds through the federal Community Development Block Grant. The corporation will build seven upper-story apartments at 115 North Main Street, better known as the Main Street Cinemas building.
Nineteen towns across Iowa received a total of $52 million in CDBG funds. Also in southeast Iowa, developers in Fort Madison were awareded more than $4.2 million to create 69 new housing units at two locations.
The CDBG funds were allocated to assist communities in recovering housing lost during the 2008 floods. Southeast Iowa Regional Planning Commission coordinated the local applications.
Prior CDBG awards have helped create 33 apartments in downtown Mount Pleasant.
“We have clearly seen the demand for downtown housing,” said Lisa Oetken, Director of Main Street Mount Pleasant. “People love the convenience and charm of living in the Main Street district, and in turn their presence is a great benefit to Main Street businesses.”