A new $39 million apartment project on the edge of downtown Davenport is making progress and should soon begin its “vertical climb” construction phase.
That’s according to Graham Parr, 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.
Federal Point is set to be a four-story, 185-unit development – being built west of the new R. Richard Bittner YMCA, located at 450 LeClaire St. All the units will be reserved for people who earn at or below 60% of the area median income.
“Currently, we have foundations underway. In fact, (we are) very close to finishing,” Mr. Parr told the QCBJ on Thursday, Aug. 4. “I believe you will be able to see some framing beginning in the next week or so.”
He added that: “We are very excited to start the vertical climb with the structure here as we work through the rest of the summer and into the fall.”
If all goes according to plan, Federal Point will be done and open to renters at the end of next year. The project will have 23 studio apartments, 95 one-bedrooms, and 67 two-bedroom units. Rent will be between $700 and $900 a month.
Mr. Parr said that Federal Point is being built to address the lack of affordable housing in the community.
“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,” according to an earlier TWG news release.
The TWG official added that the real estate company has been working on the project with the YMCA of the Iowa Mississippi Valley, and bought the land from the YMCA. “It was important for us to find the right partner (in the YMCA) to create a community that will succeed,” Mr. Parr said previously.
Mr. Parr stressed that he wants the Quad Cities community to know that even though Federal Point is being labeled “affordable housing,” it will be a top-quality facility.
“These aren’t going to be just rooms to live in… It’s going to be a really well-built building. We don’t want to deal with issues (with the building) down the road,” he added.
Once completed, Federal Point will look much like TWG’s Lillis Lofts, an affordable housing community that opened last December in Urbandale, Iowa. “It’s going to have a pretty similar design, but Lillis is a smaller project,” Mr. Parr said.
Lillis Lofts has 43 units and includes a fitness center, playroom, community room and is a restricted-access building.
“We must continue to develop and construct new workforce housing properties that are affordable, not only in communities like Davenport, but nationwide,” Mr. Parr said. “We are grateful for the opportunity to continue our presence in the state of Iowa and hope Federal Point will have a transformative impact on the community.”
To learn more about TWG projects, visit www.twgdev.com.