Harrison Lofts Project City of Davenport, Iowa. Where is Davenport, Iowa? QUICK FACTS  Population of 100,000+ on the shore of the Mississippi River 

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Presentation transcript:

Harrison Lofts Project City of Davenport, Iowa

Where is Davenport, Iowa? QUICK FACTS  Population of 100,000+ on the shore of the Mississippi River  Largest city within the Quad Cities, a metro region of almost 400,000 people

The Challenge?  Older neighborhoods or commercial areas  Lack of maintenance  Disinvestment  Vacant housing; abandoned storefronts

Neighborhood Life-Cycle - Triage Success Time

Hilltop Area – Specific Challenges  Tired, commercial corridor is gateway to downtown; 5 blocks of small retail/bar/service on fast moving, one-way highway  Older housing and predominantly rental (46%); no new housing since 1950s; roughly 10% vacancy rate; median rent: $500  Dilapidated, vacant apartment burned down in 2009  Surface parking lot on same block rarely used

Hilltop Area - Other Roadblocks  City awarded $519,000 in NSP3 in 2011  However, City- issued RFP generated ZERO interest Fire at vacant apartment building formerly on the site of Harrison Lofts. Photo Credit: Quad City Times, 2009.

RFP Example

The “Upside” - View from 10,000 feet…  University campus - 3,500 students  SSMID  Chiropractic College - 2,000 students  On State Highway with 13,000 vehicles/day

Create Environment For Redevelopment? Main Street Iowa Grant for Storefronts $75,000 CDBG-R Median Strips, sidewalks $450,000 TIF District Funds for Future Ec. Devel. City CIP Decorative Lighting $100,000 Traffic Calming & On-Street Parking CDBG Small Business Loans all Attacking from angles

Six Degrees of (Davis-) Bacon? Finally! Landed a developer! Jan. 2012

Harrison Lofts – Project Site

Project Funding Details  Sources LIHTC$5,117,776 Private Mortgage$2,025,000 NSP Funding $636,000 State Enterprise Zone $285,000 Deferred Developer Fee $160,109 $8,223,885  Land donated by City  60 new housing units (9 market-rate, 51 workforce)  2 new commercial storefronts HUD funds helped leverage over $7.5 million in other investment ($12:1)

Harrison Lofts - In Progress

Harrison Lofts - Completed

City of Davenport, Iowa Please contact at (563) or for additional information. Bruce Berger