A new affordable housing project in Davenport – set to open next year – will soon begin to take shape.
The Federal Point complex, a $39 million workforce housing project, will start to see “a lot of action” in the coming weeks with site development work, said Graham Parr, development analyst with TWG, a national real estate development company specializing in commercial, market rate, affordable and senior housing developments. TWG is building the Davenport housing project to add to the eight projects it already has developed in Iowa.
“There’s going to be a lot of pushing dirt around soon with grading the site (when the weather improves),” added Mr. Parr.
Federal Point is set to be a four-story, 185-unit development 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.
The project will have 23 studios, 95 one-bedrooms, and 67 two-bedroom units. Rent will be between $700 and $900 a month.
Amenities will include a fitness room, outdoor patio and bike storage. Completion is scheduled for December 2023.
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 a 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.
Brad Martell, CEO of the YMCA, told the Quad Cities Business Journal that he is pleased to see the Federal Point project taking shape and bringing more housing to the downtown area. He called the project a “great new development for downtown Davenport.”
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 Lillis Lofts, an affordable housing community that opened in 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, according to its website.
“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 twgdev.com.