Spaulding Lofts
827 Spring Street, Grinnell, IA
77 Units
$12.5 Million
Project Started: March 2015
Project Completed: February 2017
Services Offered
- Development
- General Contracting
Unit Mix
1- & 2-Bed Loft Apartments
Amenities
- 24-Hour Fitness Center
- Business Center
- Community Room
Spaulding Lofts is a 77-unit historic rehabilitation apartment community in Grinnell, Iowa, and one of the largest historic renovation projects in Hubbell’s history. Originally built in the late 1800s as part of the Spaulding Manufacturing Company, the brick buildings once supported the production of wagons, carriages, and later automobiles before being transformed into much-needed housing for the community. Hubbell’s $12.5 million renovation converted the historic property into one- and two-bedroom loft apartments while preserving original architectural elements including high ceilings, large windows, exposed wood beams, and brick.
Restoring History, Creating Housing
As Hubbell’s first historic rehabilitation project outside of Des Moines, Spaulding Lofts demonstrated the company’s ability to pair complex redevelopment with community housing needs. The project required structural engineering updates, strong local support, and a layered capital stack that included bank debt, Low Income Housing Tax Credits, federal and state historic tax credits, and tax abatement. With amenities including a 24-hour fitness center, business center, community room, courtyard, and garden, Spaulding Lofts brought new life to one of Grinnell’s most recognizable historic properties while creating high-quality housing that preserved a meaningful piece of Iowa history.
