Riverfront project: Housing could be ready by fall
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By Tory Brecht | Monday, March 31, 2008 |
A new riverfront apartment complex in Davenport could see tenants moving in just in time to see leaves bursting into color on Arsenal Island this autumn.
The McNamara Family Property Development Group expects to break ground this week on a mixed-use commercial and residential project on the site of the former Creative Tile building at 1205 E. River Drive.
Much of the existing building will be demolished, with a three-story, 25,000-square-foot modern structure built on top of the former Creative Tile’s garage and foundation. It will feature ground-floor retail and office space — including the McNamaras’ new office — and 11 units of mid- to high-priced rental property on the top
two floors.
The entire project will be a $4 million investment, Dick McNamara said.
“We’re tickled pink this day is finally here,” he said, referring to a six-month delay caused by concerns by his lender regarding whether the building was clear of the
100-year floodplain.
The floodplain line meanders near the building — located near the Boat House restaurant — but a team of surveyors and engineers were able to ensure the lender that the building falls on the dry side, McNamara said.
Construction is expected to take about 10 months, with renters moving in during the fall and full building completion reached in early 2009.
The Creative Tile building — also known as the old Warren Radio Group building — has been empty for a little more than two years. McNamara and his daughter, Katie Sommers, said they swept in and bought it soon after the old business left.
“The day after we bought the building, I stood at the back window looking at the river and all of a sudden the American Queen pulled up and a band came out and started playing,” McNamara said. “I said, ‘Katie, I don’t know how we stumbled into this.’ ”
Sommers, who is also a real estate agent, believes demand will be high for rental — rather than owner-occupied — riverfront property. Rentals will range from about $800 to $1,500 a month, she said.
“It’s a strong, strong market for this,” she said.
The two already have a list of 14 names of people interested in renting, but will not ink anyone to commitments until the project is closer to completion, McNamara said. Several commercial and office users have expressed interest as well, he said.
“I’m not concerned about demand,” McNamara said.
Dick’s son, Chris, also has been immersed in the Creative Tile project. As a construction engineer, Chris McNamara helped develop the building’s aesthetic look and spatial design.
“The focus from the start were the views from each apartment,” he said, noting that all will have at least a 180-degree view of the downtown skyline and river, with some having a 270-degree view.
In addition, the third-floor apartments will be loft-style and all the units will share rooftop decks with sweeping vistas of the Mississippi and much of the Quad-Cities.
In addition to their own investment, the project will receive some economic incentive by virtue of being in the city’s enterprise zone. It has been approved for $350,000 in state income tax credits and an estimated $90,000 rebate on a portion of the sales tax on building materials.
Long-term, the McNamaras hope their project will be just one of many in a riverfront district stretching from the soon-to-be-vacant River Gulf Grain property to the west to the empty One River Place building directly to the east.
“How do you go wrong with the river?” Dick McNamara said.
Tory Brecht can be contacted at (563) 383-2329 or tbrecht@qctimes.com. Comment on this story at tbrecht@qctimes.com.
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