Archive for March, 2013

Renwick Building – New Apartments/First Floor Commercial

Posted in Projects with tags , , , on March 11, 2013 by Tory Brecht

Doing-it-in-Davenport_Black

Total Investment: $4.2 million
Federal Historic Tax Credits: $834,000
State Historic Tax Credits: $1 million
City bridge loan: $1.8 million
Private Funds Leveraged: $2 million

324 Brady Street
Status: Ongoing
Projected jobs created: TBD

The Renwick Building on Brady Street dates to 1896 and is being renovated.

Restoration St. Louis continues their ambitous work that is reshaping and reinvigorating downtown Davenport. The Renwick Building project is a mixed-use development, combinging 18 market-rate apartments (with amazing large windows and cool urban views) and a first-floor commercial use that is currently confidential but is going to be a big shot in the arm for the central city.

Restoration St. Louis co-owner Amy Gill says the residential units should be ready to rent in April, with the first floor commercial space hopefully opening in June. Demand has been very high for the apartments, she added.

Originally constructed in 1896, the Renwick Building began its life as home to a succession of furniture showrooms and warehouses. Its design – created by local architect William Renwick – is in the style of late 19th Century Chicago Commercial with Romanesque touches.

We are excited to see yet another building resurrected into residential use, in what is now the fastest-growing census track in all of the metro Quad-Cities: downtown Davenport.

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Quad-Cities Food Hub – New Business

Posted in Projects with tags , , , on March 6, 2013 by Tory Brecht

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Total Investment: $120,000
Levee Commission rent abatement: $20,000
USDA Grant: $100,000
421 W. River Drive (Freight House)
Status: Soft opening
Projected jobs retained/created: 2 in store, supporting 25 local/regional producers

Quad Cities Food Hub logo - eat, learn, shop, grow

The Food Hub shelves hold many local offerings.

Building on the success of the Freight House Farmers Market, the Quad-Cities Food Hub has now opened a storefront inside the Freight House building that will give consumers even more year-round access to local and Midwest-grown food, produce and other items.

The mission of this not-for-profit business is to help the Freight House become a vital center for growth, production, distribution and consumption of nutritious, locally grown food from around the entire region. The Food Hub will connect local producers and farmers with their consumers, said Wendy Saathoff, the hub’s retail manager.

With winter winding down, but the growing season still a ways off, the storefront is currently offering shelf-stable (mostly non-perishable) items from around 25 local and regional producers. By mid-spring, Saathoff said fresh produce and other perishable items should be available. She expects them to come from up to 150 to 200 different producers.

The Food Hub is open Tuesday – Friday from 11 a.m. to 7 p.m. and on Saturdays in conjunction with the weekly Farmers Market from 8 a.m. to 4 p.m.

Furnish 123/Davenport Furniture Co. – Business Refresh

Posted in Projects with tags , , , on March 5, 2013 by Tory Brecht

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Total Investment: $250,000
CDBG Zero-Interest Loan: $45,000
Private Funds Leveraged: $205,000
825 W. Fourth St.
Status: Ongoing
Projected jobs retained/created: 15

Furnish 123 on Fourth Street features a full furniture show room.

Originally opened in 2009, Davenport Furniture Co. owner Lee White faced a tough decision two years later in 2011. The furniture retailer had opened a successful, re-branded store at SouthPark Mall in Moline called furnish 123. While  White wanted to keep his distribution center and showroom in central Davenport, not owning the property was becoming a financial burden.

The loss of the Davenport location would have meant five fewer jobs and a large empty storefront downtown. However, with assistance from a CDBG loan, White was able to make a down payment on the building and is currently putting the finishing touches on converting the showroom to a furnish 123 location. As an added bonus, White plans to create additional jobs at the downtown location in the near future.

PCT Engineered Systems – Business Expansion

Posted in Projects with tags , , on March 4, 2013 by Tory Brecht

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Total Investment: $750,000
CDBG Zero-Interest Loan: $100,000
Private Funds Leveraged: $650,000
8700 Hillandale Road
Status: Ongoing
Projected jobs created: 4

PCT Engineered Systems on Hillandale Road in north Davenport.

International demand for this hometown Davenport company’s electron beam system technology means an expansion is in the works, despite the fact the current facility is less than six-years old.

PCT’s electron beam systems are used for curing paints and coatings on a variety of materials, and the company serves customers all over the globe – ranging from China, Poland, India and the Netherlands to here in the Quad-Cities. To keep pace with demand, new machines as well as new employees will be added in this $750,000 expansion.

It is one of several expansions or new businesses underway in northwest Davenport, which is quickly gaining a reputation as an ideal location for advanced manufacturing.