Tuesday I bemoaned the lack of market rate apartments downtown. In the comment section, it was mentioned that Restoration St. Louis had an interest in the Forrest Block building, but I said I hadn't heard anything concrete yet. Fortunately, the commenter was correct, as this morning we have this news:
St. Louis-based developer aims to develop Forrest Block property -QCTimes
The article doesn't specify, but I would imagine these will be at least partly market rate, if not all. I'll try to find out if possible, or if someone knows, chime in.
The only question now: What should I wish for tomorrow?
The article doesn't specify, but I would imagine these will be at least partly market rate, if not all. I'll try to find out if possible, or if someone knows, chime in.
7 comments:
This is really exciting! I have always loved the way the forest block looked and it looks like it will finally get a developer that will do a good job restoring it.
QCI,
Im not sure if you've read any of the transit alternative analyses done by metrolink but it seems that theyve been planning to implement some sort of rail based rapid transit system along the mississippi rail corridor for some time. The new Amtrak route is already slated to introduce commuter rail but I suspect that beneath the surface there are plans for a light/heavy rail corridor. Preliminary plans showed the need for some place in the range of 14 stops. If there were 24 hr service imagine how great that would be for the night life scene.
Wish for that.
I think that the St. Louis developer brings the key element that McGivern said is lacking downtown-financing and institutions willing to invest. It really is a shame that Wells Fargo, the largest institution downtown and the City of Davenport's main depository institution, does not invest. But then again, we don't know who the St. Louis folks bank with at this point. Talk to the folks at United Neighbors who are trying to work with WF to modify loans to keep people in their homes-not one modified by Wells Fargo and they are very hard to work with as reported by UNI and others around the state. I was really hoping that the City of Davenport would actually be serious about depositing the City's money in an institution that was making an effort to invest in the downtown and neighborhoods, but when the City's Finance Director opposed the policy and basically ignored the Council's direction, what can one do?
I know that the apartments in the Blackhawk will be market rate (actually, probably a bit higher than most rentals in the area) and in several conversations I've had with the Gills they view the Forrest Block project as complementing the Blackhawk project.
It's remarkable to think that two of the worst corners in Davenport could soon become two of the best.
I wonder if $3.5 million is the correct total? That seems way short of typical renovation costs for a building of this size.
Well, back when it was a Highland Brothers project it was estimated to be a $2 million dollar project, so I'd imagine this is accurate. Its not nearly as big as some of the other recent downtown residential conversions.
How about wishing for a private donor to make a giant donation to the Davenport Promise?
That would certainly take a lot of heat off of you in your battle for it. It would also put anyone who said "I'd be all for this with private money" on the spot to stick with their words.
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