Going from vacant to vibrant in Highland Park

When Invest DSM bought the brick bungalow on Clinton Avenue in the Oak Park / Highland Park Special Investment District, it had been vacant for five years. Several potential owners had tried to purchase it, but complicated tax liens on the property stymied the process. There was no way to break even on a renovation, much less turn on a profit, so the house just sat. 

Meanwhile, in the background, Invest DSM spent more than two years working with the IRS to resolve the tax liens on the property, with staff spending at least 80 hours navigating the complicated process. Demolishing the home might have made financial sense, but its historic value was irreplaceable. After clearing the tax liens, we spent 18 months restoring and updating the home. 

“We’re here to take care of things that the market can’t naturally take care of. Without Invest DSM putting in that time and energy, the home would still be vacant today.”

– Christopher Civitate, Neighborhood Development Manager, Invest DSM

Now the beautiful 116-year-old dwelling is home to the new owners of the iconic Hiland Bakery, now rebranded as Cha Cha’s Hiland Bakery. Exhausted from middle-of-the-night commutes to and from the South Side—bought the restored home on Clinton Avenue in September 2023. After spending more than a decade renovating their previous home, the family was attracted to the house’s historic character and its modern updates, with no DIY projects necessary.

“We really couldn’t be happier,” says Ed Kirkman.

The Kirkmans appreciate the peaceful neighborhood, access to bike trails, original hardwood, and comfortable front porch. Buoyed by good sleep behind the solid brick walls, they usually walk the two blocks to the bakery, where they’ve also participated in Invest DSM’s Commercial grant program to replace the awnings and signage.

The Kirkmans on the front porch of their new home

A True Community Bank

This home on Clinton Avenue is just one of nearly two dozen properties Invest DSM developed over the past few years. Developing multiple properties takes a lot of resources upfront, which limits the number of projects Invest DSM can work on simultaneously. Fortunately, a local funder has stepped up in a big way. Central Bank—which has 20 branches in Iowa and eight locations in the Des Moines area, including three of the Special Investment Districts—created a special loan fund for Invest DSM.

With a $1.25 million line of credit available, we can now finance more projects at once, including rehabs and new constructions. The best part: Central Bank donates the interest back to us!

Thanks to Central Bank, more of our money is available for property owners using our grant programs, rather than being tied up in interest payments. We can also take on more special development projects, most of which aren’t financially viable enough for the market to tackle on its own. In 2023, we completed three projects (including this home on Clinton Avenue) with Central Bank’s backing. Six more are underway this year, with plans to ramp up even further in 2025.

“Central Bank and Invest DSM share a common mission of reinvesting back in the community.”

– Damon Miller, Ankeny Market President, SVP, Central Bank

The owners and employees of Central Bank feel strongly about supporting the neighborhoods where they work. By partnering with Invest DSM, the bank helps more families get housing in low- to moderate-income areas. In their Highland Park branch, their mortgage lenders help first-time homeowners navigate the buying process and build a strong financial future for their families.

“As community bankers, our job is to be involved in strengthening the community and helping local businesses,”  says Brett Smith, Des Moines Market President, Retail Bank Officer at Central Bank. “When the community does well, we do well. So we do whatever we can to help move the community forward.”