Two years, and 16 million dollars later, a nearly 100 year old building in the middle of downtown Davenport is ready to start a new life. This afternoon, city officials and Financial District Properties held a ribbon cutting at the Union Arcade.
The eight story building at 3rd and Brady streets now has commercial space on the ground floor, and 68 apartments on the upper floors.
Kyle Carter, executive director of the Downtown Davenport Partnership, says the renovation is important because of the Union Arcade's architectural significance, and its location.
Opened originally as a bank, Carter says it also housed offices and retail stores, but then was mostly empty in recent years.
And with these new market rate apartments, there are more than 12-hundred apartments and condominium units in downtown Davenport.