Parkside Apartments – Redevelopment

Doing-it-in-Davenport_Black

2621 Harrison Street

Total Investment: $450,000
Public Funds: $65,000 in State Historic Tax Credits, Urban Revitalization Tax Exemption TBD
Private Funds Leveraged: $385,000
Status: Semi-complete
New Housing Units: 5

Parkside Apartments on Harrison Street

The historic Parkside Apartments at Harrison and Central Park are undergoing renovation into market rate apartments

When developer and former Davenport Alderman Bob McGivern first walked through the Parkside Apartment building near the intersection of Harrison Street and Central Park Avenue in late 2012, he found a rundown building infested with bugs, cut up into tiny apartments with only three tenants still living in it. But there was something about the historic building – consructed in 1924 on what was then the northern “great lawn” of Vander Veer Park – that made him look past the dilapidation to see the beauty underneath.

Fast forward 10 months, and tenants are moving into beautifully restored market rate apartments offering great views of the botanical center and featuring lots of original architectural touches such as marble tiled bathrooms, tall wood-framed casement windows, brass letter drops and milk delivery boxes from back when “milkman” was still an occupation.

The bathrooms in Parkside feature original marble tiling.

All five market-rate units are already spoken for. McGivern said the apartments are popular with younger professionals in their 20s and 40-plus single professionals. Interestingly, all of them are folks who re-located to Davenport to work. The larger-than-typical kitchens, nice touches like historically accurate wood floorboards and crown molding, original built-in fireplaces and other elements are a great pull, McGivern said.

“If I could find five more buildings like this, I’d buy them up right now,” he said.

The Parkside was built in 1924 and was the first apartment building in Davenport to feature attached underground garages. They aren’t suitable for modern vehicles, but the doors and interior will also be rehabbed in historic fashion to meet the requirements for historic tax credits.

McGivern said when he was an alderman, he was skeptical of developers who said they needed tax credits to make projects work. That is no longer the case.

“I’m a convert,” he said. “There is no way we could have done this project without the credits. They’ve been like a lifeline to make it feasible.”

The interior of th Parkside apartments feature large windows and built-in fireplaces

McGivern – who developed Parkside with his KMB Properties partners Dick Koestner and Becky Burke – said the demand for more nicely furnished, market rate apartment spaces in Davenport continues to increase. Returning the city’s historic structures back to modern functionality is a key piece of improving the economic development puzzle in Davenport, he said.

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