DUBUQUE, Iowa—Dupaco Community Credit Union reported it is now finalizing its due-diligence process to acquire and revitalize a vacant manufacturing building in Dubuque’s resurging Historic Millwork District that would become its new operations center.
The credit union said it is expanding due to growth in both its number of members and employees.
The potential adaptive redevelopment of the currently-abandoned building known as “Voices” at the corner of 10th and Jackson Streets could include office, education, and entertainment space, according to Dupaco.
The 174,670 square-foot, five-story structure, which also has a basement, is located at 1000 Jackson Street and was originally built in 1924 as part of the Carr, Ryder & Adams Manufacturing Co. Dubuque’s Millwork District was the largest makers of windows, doors, and cabinetry in the United States.
The building hosted the Voices from the Warehouse District arts festival which ran from 2004-2016 and helped spark the Historic Millwork District’s renaissance, Dupaco said.
Th Dubuque City Council is now considering terms of a development agreement, the $1.7-billion Dupaco said, as it continues to do its architectural, programming, and financial analysis of the property, Dupaco President/CEO Joe Hearn said.
“This deal is not complete, but the city action is yet another piece of the puzzle falling into place,” said Hearn. “As a not-for-profit cooperative, we owe it to our member-owners to evaluate all options and incentives to ensure any project provides maximum value to our members, employees, and community.”
Incentives to Help Lower Costs
Hearn said federal, state, and local historic and economic development incentives could reduce the estimated overall project cost of $37 million to around $24 million.
If the project proceeds, Dupaco said it could potentially occupy the building’s top three floors by late 2020, according to Hearn.
In addition to credit union operations, plans call for the building’s first and second floors to feature a mix of retail, entertainment, and community space. Plans include a public walkway through the building that would connect 11th and 10th Streets, and align with the Caradco Courtyard’s access to 9th Street, Dupaco said.
“Beyond giving new life to a tired community treasure, we want the building’s use to best align with other community priorities,” said Hearn, who serves on the boards of Greater Dubuque Development Corp., Dubuque’s True North, and Steeple Square.
Connection to its Roots
Dupaco Board Chairman Bob Wethal said the Voices building is rooted in the downtown neighborhood where the credit union was founded in 1948 by employees of the Dubuque Packing Company.
“This is the neighborhood where hard-working meatpackers lived, played, and raised families,” said Wethal. “It’s the place in 1962, when saw-dusted millworkers who were members of Quality-Bilt Credit Union joined the swelling ranks of Dupaco Employees Credit Union.”
Wethal said the Dupaco board and senior staff conducted an extensive and thorough evaluation of many options, which included buying existing buildings and new construction on Dubuque’s west and south sides.
“We left no stone unturned in our analysis, which considered a multitude of factors,” said Wethal in a statement. “Of all the options, we determined the Voices building ultimately will provide the most economic value to our member/owners, offer the best experience for current and future employees, and have the greatest positive impact on our community.”
According to Wethal, those factors included total member value, community impact, employee experience, future workforce, and cost.
Strong Growth
Hearn said Dupaco has outgrown its current space and that the new building will allow it to “collaborate, innovate, and grow with our members."
During the last six years, Dupaco has grown from serving 64,000 members to more than 113,000 living throughout all 50 states and 17 countries. DCU now employees 486 full- and part-time people throughout its service area of Iowa, southwest Wisconsin and northwest Illinois, having added 151 new positions, over the last five years. Growth in both employment and membership prompted the credit union to recently lease space in the Port of Dubuque, Dupaco said.
“New members from our local service area continue to join Dupaco, while technology allows existing members to stay connected to their credit union—even when they move away,” said Hearn.
Employee Retention
According to Hearn, the new location will allow staff to increase their community involvement—a key employee retention and recruitment attribute for Dupaco.
“Many people entering the workforce seek to patronize and work for organizations which make a genuine positive impact in their communities,” said Hearn. “Dupaco is an organization with a mission to improve the economic and social well-being of its members, and the Voices building integrates our employees into the heart of it all.”
He said credit union staff already are involved in initiatives such as Housing Education and Rehabilitation Training (HEART), Restoration Academy, Opening Doors, Steeple Square, True North, Fountain of Youth, and St. Mark Youth Enrichment.
“As an employer of choice, the Millwork location also is attractive to people who desire walkability, access to restaurants, entertainment, and affordable housing,” Hearn added.
Community Alignment
Hearn said its board had wanted to align with community efforts to remain globally competitive, and along with the Mississippi River, historic buildings such as Voices are an indelible part of Dubuque’s brand.
“Dupaco’s choice to revive a building in the Millwork District harnesses our community’s momentum to create a unique marketable differentiator,” said Hearn. “This equates to people choosing a place to live, work, play and raise families. Long term, it means attracting people, investment and jobs.”
New Transportation Options
Inclusivity was an important theme when assessing locations for its operations center, added Hearn.
“Our discussions considered not only the needs of people who choose to drive into work, but also those who also want to walk, bike, and take public transportation. The Millwork location is accessible to everyone.”
As part of its move, Dupaco said it will launch an innovative approach to how employees get to and from work by providing employees a monthly transportation allowance. Employees will be free to choose whatever mode works best.
The allowance provides a monetary incentive to pursue alternatives or pay for surface automobile parking.
“The credit union felt its employees are entrusted to help members make good money decisions, so why not let employees determine how best to use their monthly allowance in getting to and from work,” said Hearn.