Sunday, April 29, 2007

Salvation Army building renovation

Here's the site plan that MetroPlains was kind enough to give me for their renovation of the Salvation Army building in downtown Davenport. I have heard this refered to as the Riverwalk Lofts, but I don't see a final name on this plan. It also shows what could be a future Phase 2 on the east side of the block. Nothing is determined about this yet, however. I'd suspect it depends on the success of Phase 1. They hope to start construction within the year, and estimate it will take around 10 months to complete the renovation.

I know how some of you feel about limited-income apartments, but that's what the government gives out the grants for at the moment. Without alternative financing you'd have to charge $2000 a month to renovate some of these warehouse buildings. What's interesting is that market rate (expensive) apartments are actually renting faster than the tax-credit (still not cheap) apartments in the Crescent Lofts complex. Hopefully this means that a market rate apartment or condo building will be in the near future for downtown Davenport.

What people need to keep in mind is that every additional resident that moves downtown gets us that much closer to the critical mass where retail and dining starts to come in to cater to downtown residents. Once that happens, even more people will want to live near these things and downtown really starts thriving.

This could turn out to be a great site, considering how close to the downtown core it is. Once the Freight House is rejuvenated there will be nightlife across the street, more nightlife up on Third Street, and the Figge just a couple blocks away. Lets hope it does well and compliments the other projects going on downtown.

11 Comments:

At 4/29/2007 6:41 PM, Anonymous Anonymous said...

Davenport has toooo much low income housing QCI. We are carrying the burden - it is not a good thing after the 10th project.

 
At 4/29/2007 6:48 PM, Blogger QuadCityImages said...

I guess the question is if you consider one person making $24,000 a year low income. That's not McDonalds pay.

 
At 4/29/2007 8:24 PM, Anonymous Anonymous said...

Hey - this is not single housing it is low income family housing. I just think that we have too much subsidized stuff that's all. These developers are making a ton of money on the backs of the tax payers.

 
At 4/29/2007 9:22 PM, Blogger QuadCityImages said...

I dunno about the Salvation Army project, but at the Crescent Lofts singles or families can be eligible.

There aren't that many families (with kids) down here.

 
At 4/30/2007 8:28 AM, Anonymous Anonymous said...

Well this city asked for it. Politics bastardized the use of TIF, so developers have no alternative but seek tax credits.

Want to end low income tax credits, let's start a conversation about the merits of TIF in areas with limited abilities to attract capital.

 
At 4/30/2007 2:49 PM, Blogger QuadCityImages said...

I agree. That building certainly qualifies as "blighted" in my book, unlike some of the properties that have gotten TIF.

 
At 4/30/2007 9:17 PM, Anonymous Anonymous said...

Do you think that Tara Barney is crying now. This is the area that was to be high end condos and shops. Instead we have more poverty to support the Downtown partnership. Of which, is that liquor that is causing all the trouble down there too. Tara seems to support bodies down there instead of being selective.

 
At 4/30/2007 10:29 PM, Anonymous Anonymous said...

By all means Davenport leaders must say YES to whatever monies the government is pushing, with the accompanying agenda. Let's not be selective or pursue that which we need but instead turn a blind eye to the strong negatives attached to the 'free' tax credit money.

QCI may I suggest the market rate apartments are renting faster because the rent controlled units do not meet the needs of low-income renters? Or perhaps it's lousy management? Consider your observation to be a warning sign. Beware of loosening screening criteria. The units need to rent up or you'll be looking at one desperate developer.

 
At 5/01/2007 6:56 AM, Blogger QuadCityImages said...

I think that its simply market rate apartments being open to anyone, and the others having restrictions.

The tax-credit apartments rent fairly quickly (the Crescent building was essentially full within a few months of opening), but the market rate ones rent very quickly.

 
At 5/01/2007 9:02 AM, Anonymous Anonymous said...

Competition between landlords, or for any type of business, is good for the consumer. Let the building begin and lets weed out the crap properties.

 
At 5/01/2007 10:01 AM, Anonymous Anonymous said...

I have been in th enew Lofts down there and the people living there seem very peaceful and nice. LIke any place, some have been trouble, but the management dealt with it.

I personally know someone who lives there and the rent (in the tax crdit units) is not affordable really. I think we continue to underserve a population of people who are forced into cramped and crappy rentals and our neighborhoods suffer because of it.

 

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