The KENT Corp. will receive more than $5.5 million in tax credits from the State of Iowa to convert a former factory in Muscatine into office space. CREDIT KENT CORP.
MUSCATINE, Iowa – The KENT Corp. will get more than $5.5 million in tax credits from the state to convert a former button factory in this community into office space. KENT, headquartered in Muscatine, last year announced plans to expand into the former McKee Button Co. building. Work on that project is expected to be […]
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MUSCATINE, Iowa – The KENT Corp. will get more than $5.5 million in tax credits from the state to convert a former button factory in this community into office space.KENT, headquartered in Muscatine, last year announced plans to expand into the former McKee Button Co. building. Work on that project is expected to be complete in 2025.The Iowa Economic Development Authority on Monday, Dec. 2, announced that 10 projects to revitalize historic buildings in the state have been selected to receive a total of $43 million in tax incentives under the Historic Preservation Tax Credit program. (Go here to see more information on this program.)The KENT expansion into the McKee building, located at 1000 Hersey Ave., has been selected to receive about $5.586 million in tax credits under the program.“Historic buildings are tangible symbols of a community’s past, and repurposing these gems creates such character-rich spaces for new opportunities,” Debi Durham, director of IEDA and the Iowa Finance Authority, said in a news release Monday. “In addition, these projects often serve as a catalyst for the redevelopment of a block, a street or a district.”The Historic Preservation Tax Credit program provides a state income tax credit to projects that rehabilitate underused or vacant historic buildings while maintaining the historic character-defining features that enhance neighborhoods and communities. Work completed on buildings must meet the Secretary of the Interior’s Standards for Rehabilitation. The most recent application round opened in January with approximately $43 million available for awards. IEDA received 13 applications requesting more than $63 million in tax credits.Last year, KENT announced plans to expand into the former 41,000-square-foot McKee building, a three-story brick structure that was once known as the world’s largest freshwater pearl button factory. Once updated, the newly named McKee Plaza will include 27 offices, six meeting rooms, a research kitchen, a presentation kitchen, collaboration and lounge areas and an employee fitness area.When complete, about 60 KENT Precision Foods and Pet Group employees will work out of the downtown building, with enough space to allow for future growth, according to information from KENT.“KENT is thrilled to build upon Muscatine's continued revitalization efforts with the renovation of McKee Plaza,” KENT Chairman and CEO Gage Kent said in an earlier news release. "The button industry's story is one of entrepreneurialism and innovation. We are honored to build upon those themes, within our family of companies, as we work to achieve a ‘win-win’ for our community and employees.”Built in 1907 on the banks of the Mississippi, the former McKee Button is now listed on the National Register of Historic Places. The building represented the backbone of Muscatine’s industrial life for more than a half-century before plastic buttons were introduced.KENT acquired the historic building from the McKee family in 2020 to convert the space into an inspiring work environment while preserving its historical integrity and maintaining its original character. The City of Muscatine is supporting the project.“When this project becomes a reality, we will have played a founding role in revitalizing Muscatine as a wonderful place to live, work, worship, and raise a family,” said Mr. Kent.
