The Tallcorn — Marshalltown’s tallest commercial building — celebrated its 10th anniversary in May providing 49 desperately needed apartments for low-income, disabled and homeless residents.

The building is home to 42-one bedroom and seven two-bedroom apartments.

“We also have set aside units — 10 for people who are homeless and 13 for people with special needs … these can overlap,” said Katie Selph, director of communications and content strategy for CommonBond Communities.

The St. Paul, Minn. based organization purchased the building and adjoining property in 2012 from B.O. and Barbara Bryngelson of Marshalltown. The property was known as Tallcorn Towers with 65 apartments.

Project financing to purchase and remodel was a combination of Low-Income Housing Tax Credits, Historic Preservation Tax Credits, grants and other assets from numerous federal, state and local sources.

Over the next two years, CommonBond extensively remodeled the structure.

CommonBond invested a total of $11.3 million, which included installing new flooring, cabinets and windows and more.

Each apartment has its own modern bathroom and kitchen fixtures. Each unit has its own heating and cooling system.

Historic preservation guidelines were applied to interior and exterior remodeling, including the stately ballroom, currently used to hold services and other functions by Restore Church of Marshalltown.

Frerichs Construction Co. of St. Paul was the general contractor. However, they hired a number of local contractors as subcontractors, including Delos Steward to do plastering in the stately ballroom.

Additionally, CommonBond provides Tallcorn tenants a computer, community, arts/craft and fitness rooms and library. A manager works in the building but does not live onsite, said Selph.

Marshalltown Mayor Joel Greer was a city councilor representing the Second Ward then. He clearly remembers the sale and remodeling project.

“I researched CommonBond when I heard the sale was pending and was impressed with how they did business in other communities,” he said. “Since their grand opening in May 2014, they have worked aggressively to help their residents find work through their computer room, transportation vouchers and more.”

Selph said Tallcorn tenants may take advantage of other onsite services such as monthly food distribution.

“We also provide activities for tenants such as gardening and provide welcome baskets for new residents,” she said.

CommonBond pays property taxes to Marshall County on the building and property, said Selph.

“The Tallcorn fills two very important roles in Marshalltown,” said First Ward Councilor and Mayor Pro-tem Mike Ladehoff of Marshalltown. “Number one is that the Tallcorn is such a historic building with its grand ballroom and other amenities. One can only imagine the number of formal and informal events held there since it opened as the Hotel Tallcorn in 1928. It was known as a first-class destination for visitors and travelers alike for more than half-a-century. Ronald Reagan — then a candidate for the Republican nomination for president — held a campaign event at the Tallcorn before holding a similar event at the Marshall County Courthouse grounds. The Marshalltown Rotary Club, among others, met there for many years. “Number two is that post-remodeling, it fills a much-needed role as an affordable alternative for housing in our central business district,” Ladehoff said. “Importantly, the homeless can have the dignity of a roof over their heads when at a low point in their lives. The Tallcorn is one of Marshalltown’s crown jewels.”

The property – standing at the corners of East Main Street and North Second Avenues — is also a Marshalltown central business district landmark in tandem with the Marshall County Courthouse and Orpheum Theater.

“The Tallcorn will be a real asset to the community,” said Steve Sutherland of Marshalltown, who was then an active member of the Historical Society of Marshall County while standing in the historic grand ballroom at the May 6, 2014 grand opening.