Dubuque council reassigns development agreement for Millwork District building

The Dubuque City council voted to reassign the development agreement for the Novelty Iron Works Building from Novelty Iron Landlord to its new owners. Dubuque struck a development agreement to renovate the historic Novelty Iron Works from its old industrial use to modern residential and commercial use in 2013. While the building houses several bars and restaurants and 76 market-rate apartments, part of the building remains vacant. A deal to use the space for a boutique Hyatt hotel fell through, and the new owners of the vacant space, GT Novelty Condos LLC, would like to rehabilitate that space for condominiums. The developed portions of the building was sold in December for $5 million to GT Novelty LLC of Peosta, Iowa. The unfinished portion of the building sold for $8 million to Novelty Condos.