Apartments To Be Built in Historic Union Arcade
March 11, 2014
Demand for housing in downtown Davenport continues to rise, and that's why a developer plans to turn another historic building into apartments. Monday morning, officials from Financial District Properties and the city used sledgehammers to put holes in a wall and kick-off the renovations at the Union Arcade. It's on the corner of Brady and Third streets.
CEO Rodney Blackwell says the 2nd to 8th floors will feature 68 studio, one-, and two- bedroom apartments. The first floor will be reserved for retail development, and there's already interest in that part of the project. He says, "It's strange. Davenport is so hot right now, four or five people have already asked about the space. It's just interesting. I remember times when you'd just sit on space for awhile. Now they pursue you when they know it's available."
Financial District Properties will not receive any incentives from the City of Davenport. The 90-year-old Union Arcade building is listed on the National Register of Historic Places, so Blackwell has applied for state and federal historic tax credits. "I've been in business down here 25 years, and it's nice to just price it out, build it, and go."
Blackwell's company also owns the Wells Fargo building in downtown Davenport. It gutted the upper floors and retrofitted the space for apartments there, too. He says all of them were leased long before they were ready to for occupancy.
The $13 million Union Arcade project will start with the removal of asbestos, lead paint, and other hazardous materials. Rent for an apartment will range from $650-2,000 dollars. He hopes tenants will be able to move in before the end of the year.
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