The 102-year-old Hotel Fort Des Moines this week was award $16.2 million in historic preservation tax credits by the Iowa Economic Development Authority.

The downtown hotel, located at 1000 Walnut St., received more than half of the $29.2 million in tax credits awarded by IDEA. Seven other projects, including Dalton Partners LLC, which owns Valley Auto Co. in West Des Moines, were awarded the remaining $13 million in tax credits.

The Hotel Fort Des Moines, which closed in November 2015, is undergoing a renovation project valued at more than $45 million. Janssen Lodging Inc. of Coralville bought the hotel in January 2015 for $4 million. The corporation was formed by hotel developer and startup investor Ravi Patel. 

The property tripled in value between 2018 and 2019, according information on the Polk County assessor’s website. In 2018, the property was valued at $3 million; this year, it was valued at $9 million.

The Hotel Fort Des Moines, which will retain its name, will reopen as part of the Hilton chain’s Curio Collection. 

The Historic Preservation Tax Credit program provides a state income tax credit to projects for rehabilitation of historic buildings. The program is designed to promote the retention of unique, character-defining buildings and building features that contribute to a community and neighborhood. 

IEDA received 19 applications requesting $51 million in tax credits. Eight projects, scored on readiness, financing and local support, were selected. 

In addition to the Hotel Fort Des Moines, projects awarded historic preservation tax credits were:

• Dalton Partners LLC, for the Valley Auto Co. building in West Des Moines. Tax credit      amount for the restaurant/bar project: $684,520.
• Y&J Properties LLC, for the Hibernia Hall building in Davenport. Tax credit amount for the residential project: $533,638.
• 1606 Brady Associates LP, for the First National Bank of Davenport. Tax credit amount for the residential project: $1.5 million.
• Dupaco Voices LLC, for the Carr, Ryder & Adams Co. building 24 in Dubuque. Tax credit amount for office and commercial project: $8.5 million.
• Arch Icon Development, for Everett School in Sioux City. Tax credit amount for the residential project: $1.1 million.
• JSA Development LLC, for the WCFN Terminal Building in Waterloo. Tax credit amount for the office and commercial project: $271,638.
• JSA Development LLC, for the Judge Franklin C. Platt building in Waterloo. Tax credit amount for the residential project: $253,936.