New apartments are opening in the old Crescent Electric Building in downtown Davenport. Tonight, a group of investors will hold a ribbon cutting ceremony for Pershing Hill Loft at the corner of 5th and Pershing Avenue.
John Ruhl, the managing investment partner, says Quad Cities Chamber of Commerce recruited him and other developers for the 62 unit project. He says these apartments help fill a need for market rate properties in the Quad Cities.
So far, 16 of the apartments are leased. The six story building features exposed brick walls and original painted advertisements from the Crescent Electric Company. Apartments range from 900-1400 dollars per month.
The Ribbon Cutting Ceremony will be held at 5:00 tonight.