Loft projects race to finish line in downtown Davenport

Downtown Davenport is becoming one of the hottest Quad-City addresses as developers race to snap up some of the area's solid, but tired, office and warehouse buildings to reinvent themas loft housing.

In the past year alone, dozens of new apartments have been carved out of iconic buildings including The Renwick, Wells Fargo bank building, Peterson Paper and, only weeks ago, the former Democrat newspaper office building.

According to Kyle Carter, executive director of the Downtown Davenport Partnership, these and other projects that have opened in recent years represent nearly $31 million in new investment in the downtown core. Plus, nearly another 300 units part of an expected $113 million in new investment planned over the next two years are on the drawing board or under construction.

"We're creeping up on 1,000 (total) units downtown," he said, adding that the downtown will crack the number when some of those projects under construction are completed. Just a few include Union Arcade, which will add 68 units; The Lofts at Pershing Hills, 60 units; Halligan Coffee Building, 45 units; Market Lofts, 37 units; and Alexander Co.'s latest warehouse lofts at 500 Iowa St., 33 units.

Carter credits Alexander Cos. for launching the warehouse district's revival with Crescent Lofts, but he never forgets to applaud developers such as Jim Thomson who were creating downtown apartments before it was the thing to do. Thomson's early projects included The Davenport and The Berg. He now is part of a partnership renovating the United Cigar Building. "He was the first," Carter added.

But other developers alsoare leaving their mark, including Amrit and Amy Gill, whose Restoration St. Louis and Front Door Iowa companies have renovatedproperties such as Hotel Blackhawk, Forrest Block, Renwick and sometime in December, Market Lofts on Pershing Avenue. The Gills also are behind a planned $60 million City Square projectthat will transform a half-city block that houses the former Parker and Putnam buildings along 2nd Street.

Amy Gill said the volume of available downtown inventory has helped fuel some of the resurgence. "I don't think it will keep going forever. But I do think it's indicative of the fact there is great stock of buildings down there and they are all pretty interesting and cool. To find them vacant and in relatively good shape, that is relatively unusual."

But Carter said the number of available properties prime for redevelopment is dwindling. "There are only a couple in the core of downtown left before we start focusing on the west side from Ripley to Brown streets." Since the warehouse lofts, the hotel's historic renovation and projects such as Forrest Block, he said "it's been a mad dash to build these as fast as we can."

Since last summer, two projects to open their doors are The Renwick and the Democrat Lofts. Located on opposite corners of 4th and Brady streets, the two are finding tenants from all walks of life whoare eager to become downtown dwellers.

The Democrat Lofts a $6 million historic renovation by Bettendorf developers Tim Baldwin and Pat Sherman has only seven units still available for lease, said Danielle Boulton, area manager for Bluffstone, which manages the lofts. In fact, over a two-day period last week, she had five new leases signed. ''It's been fast-paced, but they sell themselves. We're very modern with a historic twist.''

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Loft projects race to finish line in downtown Davenport