Apartment, Commercial

Russell Lamson

Type: Rehabilitation, Historic
Role: Developer, General Partner, Manager
Building Space: 90 Affordable Units
Financing: FNMA Mortgage, Federal Low Income Housing Tax Credits, Federal Historic Tax Credits, State Historic Tax Credits, EZ Tax Credits Equity, EZ Sales Tax Rebate
Location: Waterloo, IA
Year Completed

Overview / Details

Russell Lamson Apartments is an 8-story masonry and concrete building originally constructed in 1914. In that same year, an edition of the Hotel Bulletin refers to the Hotel Russell-Lamson as “one of the most complete, up-to-date and modern hotels to be found anywhere on the American continent. It bears a very favorable comparison with the best to be seen in any of the largest cities.” The building was placed on the National Register of Historic Places in 2011.

Before the renovation began, the building had been previously converted into 75 apartment units on floors 3-8, with commercial space on the first and second floors. To minimize the relocation of existing residents, construction was completed in two stages. This allowed approximately half of the current residents as well as all the commercial tenants on the street level to remain in the building during the renovation.

The newly renovated building now contains 90 affordable housing apartments. The layouts consist mainly of studio and one-bedrooms, with a few two-bedroom and three-bedroom units. Within the units themselves, the historic windows were taken out and refurbished, kitchens were replaced, and bathrooms were upgraded. A new exercise facility was built in addition to a laundry facility. During the renovation, forgotten architectural pieces like the magnificent windows in the lobby were also rediscovered and restored. The end result provided high-demand affordable housing while revitalizing a Waterloo icon.

Commercial Space

12,105 SF