Union Arcade – New Apartments/First Floor Commercial
229 N. Brady Street
Total Investment: $14 million
State Historic Tax Credits: $3.3 million
Enterprise Zone Benefits $1.3 million
Total Units: 68
Commercial/Retail: Entire first floor, tenants TBD
Projected jobs created: TBD
Financial District Partners is no stranger to big projects. The holder of more than $100 million in real estate in the Quad-Cities, the Davenport-based company recently finished construction of the new Kone Centre office tower in Moline and are in the midst of renovating several floors of the iconic Davenport Bank Building/Wells Fargo tower into apartments.
But the historic rehabilitation of the Union Arcade Building at the busy intersection of 3rd and Brady streets may be the company’s highest visibility project yet in downtown Davenport.
“It’s one of the last few opportunities for a real large-scale historic rehab down there,” said Bryce Henderson, who is CFO and COO of Financial District Properties. “It’s a great location on a highly visible corner and the building has great bones.”
The rehab will feature 68 market unit apartments on the top seven floors of the building. The entire first floor will be retail/commercial, likely with at least one restaurant. Henderson said he is not working with any specific tenants yet, but expects little trouble finding high-quality uses for the first floor due to the location and the built-in market of apartment dwellers both in his building and nearby buildings. There are 6,000-square-feet of space with street views on the first floor and 2,000 more square-feet that are “back-of-house”.
The building originally featured a second-floor mezzanine, which was covered by a drop ceiling. The drop ceiling will be removed, allowing for the construction of several two-story loft apartments, Henderson said.
“These won’t be cookie-cutter apartments,” he said. “All the units will be very unique to fit into the space.” The building will feature lofts, one and two bedroom apartments. Rents will range from $600 for a studio to $1,300 for the largest two-bedroom.
The company is already hearing from interested renters, but serious construction work will not begin until November. The target building opening is the fall of 2014. All of the existing tenants in the Union Arcade building have relocated in the Quad-Cities, several with assistance from Financial District Properties.