Former LAMB Theatre Redevelopment Announced

The City of Sioux City is pleased to announce that the former LAMB Theatre building at 417 Market Street has been awarded $1.7 million in Low-Income Housing Tax Credits (LIHTC) by the Iowa Finance Authority (IFA). The redevelopment project, now known as The Web Apartments-a tribute to the building's history as Webster Elementary School-will feature a comprehensive historic restoration of the existing structure, along with the construction of two new buildings on the site. Once completed, the development will provide 54 new affordable housing units for the community.

The City undertook an extensive public engagement process to support this project, with review and input from the Sioux City Parks and Recreation Board, Planning and Zoning Commission, and Sioux City City Council throughout 2024, 2025, and 2026. In addition, the City committed $600,000 in federal HOME Investment Partnerships Program (HOME) funding to help make the project a reality.

The City of Sioux City is grateful to Commonwealth Development Corporation of America for its commitment to investing approximately $18 million in this transformative project. This significant investment will not only preserve an important historic property but also expand affordable housing opportunities and contribute to the continued revitalization of the surrounding neighborhood.

The former Webster Elementary School, later known as the LAMB Theatre, has been vacant since September 2024. Owned by the City since 1999, the property has long been recognized as a community landmark. Its redevelopment marks an exciting new chapter for the site and represents a meaningful investment in the future of Sioux City.