Pella, Iowa — home to 10k residents, two bars, and over two dozen churches — may not sound that exciting to a city slicker.
But local window and door manufacturer Pella Corporation is hoping a $30m upgrade will attract new talent and turn Pella into a company town, per The Wall Street Journal.
Pella’s investments include:
- Housing
- Child care facilities
- Restaurants
- An indoor entertainment center
Another $6m will help fund a rec center with swimming pools, three gyms, and a rock-climbing wall.
Pella fits the trend…
… of underappreciated cities — like Tulsa and Topeka — attempting to lure millennials from “sexier” cities.
With median American home prices at ~$429k, more affordable cities may appeal to the generation with the fastest-growing debt load.
The median home price in Pella is ~$340k, but there’s one problem:
There isn’t enough housing
Currently, only ~25% of Pella Corp.’s ~2.5k local employees live in Pella, and available homes get snatched up quickly.
To help, the family that owns controlling shares in Pella Corp. recently purchased 160 acres of farmland to build affordable housing — though locals aren’t keen on any modern construction that clashes with the town’s Dutch aesthetic.
Fun fact: Pella boasts the tallest working Dutch windmill in North America.
