Led by Keven and Jenny Hempel, The Foundry Market project represents the first phase of a multi-step building revitalization in Oskaloosa’s Main Street District. The initial work includes roof replacement and second-floor rehabilitation to create three upper-level apartments—two singles and one double. Future plans will add commercial spaces, and areas for indoor and outdoor gatherings, driving downtown vibrancy and supporting local entrepreneurship.

“This is a cornerstone project for downtown Oskaloosa,” said Angella Foster, Oskaloosa Main Street Director. “The Foundry Market aligns perfectly with our transformational strategy to increase upper-story housing and promote entrepreneurship. The Hempels’ investment demonstrates a strong belief in our downtown’s future and the power of collaboration between public and private partners.”

The project combines public and private investment, including a line of credit secured through Bank Iowa and owner equity. The Challenge Grant serves as catalytic gap financing, unlocking the remaining investment needed to move construction forward while ensuring long-term financial sustainability.

Oskaloosa’s Economic Vitality Committee selected The Foundry Market following a competitive local application process that included a peer review by other Main Street communities. The project was chosen for its readiness, preservation focus, and alignment with Oskaloosa’s downtown master plan priorities.

This award marks Oskaloosa’s eighth Challenge Grant, bringing the community’s total to $589,000 in Challenge Grant funding—leveraging more than $3.16 million in building rehabilitation projects across the Main Street District.

“This grant is another example of how Oskaloosa’s Main Street program continues to bring meaningful investment into our historic district,” added Foster. “We are grateful to Main Street Iowa and the Iowa Economic Development Authority for their continued partnership and commitment to small-town revitalization.”

About the Main Street Iowa Challenge Grant Program

The Main Street Iowa Challenge Grant, administered by the Iowa Economic Development Authority, provides matching funds for brick-and-mortar building rehabilitation projects within designated Main Street districts. Awards range from $25,000 to $100,000 and require a one-to-one local match. Since its inception, the program has invested more than $14 million in state funds, leveraging over $100 million in private investment across Iowa communities.

About Oskaloosa Main Street

Oskaloosa Main Street, a program of the Mahaska Chamber & Development Group, is dedicated to preserving, promoting, and enhancing Oskaloosa’s historic downtown through community collaboration, design, business development, and placemaking initiatives.