MUSCATINE — SECO Investment Co., a related company of Stanley Consultants, has completed the sale of the Hershey Building to Bush Development, a subsidiary of Bush Construction.
Located downtown in the 200 block of Sycamore Street, the Hershey Building was built in 1908. The five-story building was reportedly once the tallest building in Muscatine.
The sale closed Thursday.
Stanley Consultants began leasing a portion of the building in 1946. The firm purchased the building in the early 1950s for its own office space while continuing to lease space to other local businesses. Recent years have seen a reduction in the building’s rental occupancy.
A majority of the building sits vacant and the 36,000 square-foot renovation will begin immediately. Once construction is complete, the Hershey Building will be a multi-use facility, including commercial/retail lease space and residential apartments.
The sale and renovation will not impact Sycamore Printing, a commercial print business owned and operated by Stanley Consultants. The print shop has provided services from the Hershey Building since 1988, with its offices located on the first floor and printing operations in the basement. It will remain open for business throughout the renovation.
In addition to Sycamore Printing, the first floor will also include a leasing office, gym and an additional commercial/retail lease space with storefront. The mezzanine will contain two residential units as well as a business lounge. The second-through-fifth floors will hold the remaining residential units.
“This marks a new chapter for the historic building,” says Bill Harper, Stanley Consultants’ Chief Financial Officer. “Transforming the building into a vibrant, more fully utilized asset is another step forward in the ongoing revitalization of downtown Muscatine.”
According to the joint release, the Bush Construction intends for the project to comply with National Park Service standards and will preserve as much of the building’s historic fabric as possible. Corridors will be reestablished to their original locations. Interior finishes will include exposed concrete, quartz countertops, in-unit laundry and wood doors and trim. The development will be a partnership among 22 local (within a 100-mile radius of Muscatine) trade contractors.