Archive for October, 2013

5th Street Lofts – Re-development

Posted in Projects with tags , , , , on October 25, 2013 by Tory Brecht

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500 Iowa Street

Total Investment: $8.6 million
Public Funds: $4.8 million in combined Federal and State Historic Tax Credits and Commnity Development Block Grant funding.
Private Funds Leveraged: $3.8 million
Status: Underway soon
New Housing Units: 33

This empty warehouse at 5th and Iowa will soon be new apartments

The former Quad City Tire building will be the next new apartment building in the Warehouse District

The steady conversion of nearly all the former warehouse and industrial buildings on the near east side of downtown Davenport is still going strong. The Alexander Company of Madison, Wisconsin – a leader in urban infill design – is converting the vacant Quad City Tire building at 5th and Iowa into a 33-unit apartment building. This will be Alexander’s fourth rehab in what it calls the Historic Crescent Warehouse District.

“The buildings we’ve developed all have some character and unique features,” said Colin Cassady, development project manager. “They’re not white boxes out in the suburbs. If you can give people a product they like in a location they like, they’ll rent it.”

The development provides housing for people of various incomes, with 18 of the units set aside for residents earning 80 percent of the area median income and the remaining at market rate. Most of Alexander’s residents in their other units are younger single folks in their 20s and 30s, Cassady said.

The building will add some nice amenities, including heated parking a fitness center and rooftop decks. All will be 1 and 2 bedroom units.

“People like living downtown, they like the location. Iowa also has a wonderful state tax credit program which makes historic projects like this appealing,” Cassady said. “Most importantly, the City has the political will to get things done.”

The targeted project comletion date is summer of 2014.

Several more buildings in that neighborhood are targeted for rehab as well. Stay tuned to Doing It in Davenport to hear details!