Hibbing EDA Announces Progress on 400-Block Howard Street Redevelopment

Hibbing Economic Development Authority reported that contracts are executed, permits are underway, and preparatory work began in January for the long‑planned redevelopment of the 400 block of Howard Street, a project branded The Iron Exchange at 400 - Forged in the Past, Designed for the Future. The authority has purchased multiple properties on the block, including three dilapidated buildings and a vacant lot, to clear the way for a four‑story mixed‑use building that aims to restore downtown vibrancy and add housing and retail.

The planned development calls for street‑level commercial space and three floors of market‑rate apartments with one‑ to three‑bedroom units targeted to workforce and middle‑income residents. Project documents indicate about 5,650 square feet of commercial area and off‑street parking as part of the site plan. Public updates place overall project completion in 2027, with one timeline projecting a September 2027 finish; officials and developers have given slightly different month estimates for demolition and ground breaking, but all point to work beginning in the first half of 2026.

Rebound Partners was selected by HEDA to move forward with design and development after a selection process that narrowed the field to two finalists. Jeff Draxten of Rebound Partners said, "We are excited and honored that the Hibbing Economic Development Authority has chosen the Rebound team to move forward with the design and development of this much‑needed mixed‑use workforce housing project in Hibbing’s historic downtown district. This partnership reflects a shared commitment to revitalizing the heart of the city while addressing critical housing and community needs."

Local officials framed the redevelopment as both an economic and a preservation effort. Mayor Peter Hyduke said, "A good thing that the investment does, it combines a lot of investment economic development in a tighter place. So that’s a really important thing for downtown." He added, "If you go to Europe, that’s what you see everywhere. It’s retail, commercial, with rental and home ownership above. And I think it’s kind of a European model that we’re leaning towards. And of course, we’ll also keep the historic value of the building to match what’s existing in our community." Betsy Olivanti, Hibbing community development director, called the project "exciting" and praised the city council as "forward thinking in trying to do these projects."

On the financing side, public records show a mix of public support and pre‑development investment. HEDA was awarded a $407,000 state grant for asbestos abatement and demolition and has sought a $140,000 Commercial Redevelopment grant from Iron Range Resources & Rehabilitation. The authority previously invested about $550,000 in assessments, engineering, environmental review and property acquisition. Project estimates put total development cost in the neighborhood of $20 million, while HEDA has said financing is still coming together.

Residents should expect demolition and remediation activity in the coming months, including asbestos abatement funded by the DEED grant, followed by phased construction. HEDA and project engineers have provided schedule updates at public meetings; the authority encourages residents to log on to its website or attend HEDA meetings held the second Tuesday of each month at 5 p.m. as the project moves from site preparation to demolition and construction. For downtown Hibbing, the redevelopment promises new retail space, added housing supply, and a reshaped Howard Street corridor, but final unit counts, contractor awards, and a completed financing package remain to be confirmed as work advances.