Monday, February 09, 2009

Riverwalk Lofts Tour

Last week I got a chance to check out the newest downtown Davenport residential project, the Riverwalk Lofts. This is the former Salvation Army building on River Drive across from the Freight House. I wasn't sure whether they'd be showing apartments yet, but I found out that not only have they been showing them for a few weeks, but that well over half of them are already spoken-for. Its clear that the rental market is healthy. Reading back through some of the old threads about this where people complain that everyone should be able to buy a house seems kind of funny now that we've had a few changes to the economy. I hope we can also avoid the usual junk about limited income, as not everyone is going to make $40k+ a year, and those making $24k still deserve somewhere decent to live. With the right management, these moderate-income buildings can work. I wish there was more market-rate residential downtown, but rather than rant about that here I'm saving it for another post.

Moving on to the actual tour, here's a pretty great Before/After shot of the building:
This corridor will improve even more with the hopefully-upcoming streetscaping along the north side of the Freight House. I believe that may even be coming this summer.


Here are a couple shots of the views. The one looking east towards downtown is from the 2nd or 3rd floor, and the one looking towards the River is taken from the 4th floor, if I remember correctly. There are quite a few units with river views, which is always a selling point. There is also a rooftop deck that I'm sure will be amazing for watching the riverfront fireworks, but I was unable to get up there last week.


Here are a couple of the more finished units. Its interesting to see the developer going with darker wood cabinets, which is unlike any of the other downtown loft projects. The decorating style in the hallways is also more contemporary than the Mississippi or CityView apartments but less industrial/minimalist than the Crescent Loft district. For example, the Riverwalk Lofts has colors in the hallways other than the white, black, gray, metal, and brick that my former building has. Not that there's anything wrong with that; its good that all the new downtown apartment buildings have their unique characteristics. While some of the floors are polished concrete, other areas have carpet or laminate flooring. There are also some apartments with lofted upper level areas.

All of the units have washer/dryers, which is becoming increasingly common in apartment construction. Another new feature of these lofts is the availability of 3 bedroom units, which the other recent developments lack. There are the usual computer, exercise, and community rooms, and the community room may be available to the community for ward meetings, etc, although I got the feeling that was still being worked out. While some of the apartments on the first and 2nd floor seemed very close to being done, some of the upper units are still under construction. They hope to have people moving in sometime during March, which is only a few weeks away. The units range from 550-770 square feet, and the rents range from $520-$770 a month. There will also be some underground heated parking available, which I always regretted not taking advantage of when I lived downtown.

So, if you or someone you know is looking to move downtown, and they fit the income restrictions, take advantage of this new building before its entirely full. These are great brand-new apartments with fantastic downtown views. If the building does fill up as fast as it seems like it will, hopefully we'll be seeing another new downtown residential building announced soon. Thanks to Robin, the site manager, for giving me an informative tour and explanation of the Riverwalk Lofts.

Edit: I almost forgot. Here's the link to the website for the building.

7 Comments:

At 2/09/2009 9:13 AM, Anonymous Anonymous said...

Are some of the bedrooms windowless? It's hard to do a loft conversion without ending up with some windowless rooms, but usually developers are forced to market those as "home offices," not as bedrooms.

 
At 2/11/2009 8:38 AM, Blogger Pho3niX said...

As always QCI, great detail and photos. I think Ruhl & Ruhl should hire you to pitch Prairie Heights!

I'm not as bothered by the lack of market-rate in downtown as most... I believe that will come.

Have you stopped by the Bayer Building lately? They're adding some nice apartments above Glass Heritage and the Source along with the improvements to the facade and expansion of the grocery store. (Yeah, I'm not sure we can actually call it that yet... but I hear that fresh produce is coming. You can always get that at the farmer's market during the season, though.)

 
At 2/12/2009 1:47 PM, Anonymous Anonymous said...

I was asked to help someone find an apartment. I sent them down there and they put a deposit down on the spot.

 
At 2/13/2009 7:34 AM, Blogger QuadCityImages said...

In a (very late) answer to the first commenter, it does look like there are some interior bedrooms. While they may not have windows, there are also high ceilings and less than full height walls in some units, so this could at least get some natural light into the inside rooms.

Pho3niX, I've been meaning to stop by that entire area with the Bayer Building and the "grocer" and some of the changes that have been happening there.

And finally, to 1:47 PM, good job! The more people move downtown the more people will start to notice it as a safe and interesting living environment. Then hopefully they won't be able to open new buildings fast enough.

 
At 2/13/2009 7:51 AM, Blogger Pho3niX said...

That's what happened in downtown Des Moines. They're still selling condos downtown... even in THIS economy.

 
At 2/16/2009 3:29 AM, Blogger Yu said...

Apologies for bringing up the seemingly touchy income restrictions issue, but can you elaborate on these restrictions in the downtown apts/lofts?

I'm newer to the area and looking for a place to lease starting July 2009 and am deciding between various downtown lofts or the (from what I've heard) cheaper income tax of Illinois.

Many thanks.

 
At 2/16/2009 4:54 AM, Blogger QuadCityImages said...

The units financed by Section 42 tax credits have income restrictions on the residents. They vary based on the developer and the metro area, but locally the maximum a single person can make to qualify is somewhere around $25,000 a year. The limits go up as you add more residents to a unit, but not proportionately, such as $28-30k for 2 residents. I hope that helps.

 

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