Another old industrial building in downtown Davenport has been turned into apartments. Monday city leaders and officials of The Alexander Company, based in Madison, cut a ribbon for the 5th Street Lofts.
Project Manager, David Vos, says it's located at 500 Iowa Street, cost 8.2 million dollars, and has 33 units. Since the Alexander Company first came to Davenport ten years ago, it's spent a total of 40 million dollars on this, and three other projects.
Alexander was the first developer to renovate old industrial buildings in downtown Davenport, and now has completed 180 rental units. Other developers have added another 100 to 120.
Mayor Bill Gluba says in the last seven years, 755 million dollars have been invested in the downtown for a variety of residential, business, and educational projects.
