Moline Buys Old Kone Tower for $3.1 Million
This afternoon, Moline has announced it has bought the old, Kone tower and property along the Mississippi River.
Heritage Church bought it about five years ago, several years after Kone moved its operations into a new building just a few blocks away.
The City of Moline is paying $3.1 million for the 119,000-square-foot building and seven acres, with help from Renew Moline. The church renamed it Bridgepointe 485.
It's located at 1 Montgomery Drive along Sylvan Slough and the Mississippi River. The city says it's a "landmark property" and "center point of the future riverfront redevelopment area made possible by the demolition of the former Interstate 74 bridge."
In addition, Moline officials say the city will be able to consolidate the old Kone tower property with others nearby, currently owned by the Illinois Department of Transportation. The city has "right of first refusal" for the excess IL DOT properties.
City Administrator, Bob Vitas, says, “Purchasing the property allows us to evaluate all options for the riverfront, and to maximize the potential redevelopment of the area. The Heritage Church leadership team has been an active and constructive partner with the City in discussions of the future of Moline’s Riverfront for both public and private projects. The City is grateful for the Church’s willingness to consider a direct sale.”