Construction on a new Davenport apartment complex is entering its final phases and should be complete in a few weeks.
That’s the word from an official with the firm building the new $39 million, 185-unit Federal Point apartment complex at 450 LeClaire St., near the R. Richard Bittner YMCA.
“Leasing (for the apartments) is going incredible. We’re very excited to bring such a wonderful community to the Davenport area. … We’re expecting final closeout items to wrap up within the next month or so,” said Jackson Taylor, development director with TWG, a national real estate development company specializing in commercial, market rate, affordable and senior housing developments that is building the Federal Point complex.
Mr. Taylor gave the QCBJ an update on the project on Friday, April 26, adding the company is starting to move tenants in as the final phases of the construction are underway. Some of that work includes detail work, cleaning up the property and landscaping.
When completed, Federal Point will be a four-story, 185-unit development. All units – including studio, one-bedroom, and two-bedroom apartments – will be reserved for individuals who earn at or below 60% of the area median income (AMI), according to the TWG website.
The Federal Point apartment complex will have 23 studio apartments, 95 one-bedrooms, and 67 two-bedroom units. Rent will be between $700 and $900 a month.
“Federal Point will aim to address the shortage of affordable housing in Davenport and the Quad Cities. Recent local reports reveal a gap of 6,645 units needed to meet the community’s housing needs. Rental prices have also increased, making it harder for individuals to afford quality housing,” TWG officials add.
The company website states the apartment complex is scheduled to open in early 2024, with several apartment units still available. Go here to see more information.
Amenities will include a fitness room, outdoor patio and bike storage.
The Federal Point project was announced in 2021, and construction work started in early 2022.
TWG is headquartered in Indianapolis, Indiana.
