At the time of its incorporation in 1987, Historic Muscatine, Inc. (HMI) consisted of six dedicated board members who shared a passion for local history and a desire to preserve it. The original concept for a Muscatine Area Industry Center developed in 1990. Realizing the limitations of its resources, the group concentrated on the pearl button industry. Within a few years, the Pearl Button Museum opened in the Laurel Building under the HMI umbrella. The financial support of Stanley Consultants, Inc., the three existing button companies, and individual donors and countless volunteer hours and in-kind donations made the museum a reality.

The year 2001 brought a new home and a new director, the museums first paid employee. A partnership with HNI Corporation made possible the renovation of the building with an initial investment totaling well over $1,000,000. With renovations complete, developing new exhibits became the Industry Centers focus. It was at this time that the organization had a change in leadership with Melanie Alexander taking the position of Executive Director in October 2004.

HNI Corporation opened its exhibit on the second floor in May 2006. A new pearl button exhibit was installed in November 2006. Stanley Consultants and Bandag debuted exhibits in April 2007 and May 2008 respectively. Monsanto, Muscatine Foods, Muscatine Power and Water, and Musco Lighting are currently developing exhibits.