Sala Flats, 1829 Fourth Ave., Rock Island, will undergo a $5.6 million renovation engineered by its future owner, the Economic Growth Corporation. CREDIT ECONOMIC GROWTH CORPORATION
An effort by the Economic Growth Corporation (GROWTH) to buy, preserve and rehabilitate Rock Island’s historic Sala Flats apartments just got a $2.5 million boost from the Illinois Housing Development Authority (IHDA). The IHDA funding will help GROWTH, an award-winning, non-profit Community Housing Development Organization, leverage a $230,056 tax increment financing (TIF) district investment through […]
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An effort by the Economic Growth Corporation (GROWTH) to buy, preserve and rehabilitate Rock Island’s historic Sala Flats apartments just got a $2.5 million boost from the Illinois Housing Development Authority (IHDA).The IHDA funding will help GROWTH, an award-winning, non-profit Community Housing Development Organization, leverage a $230,056 tax increment financing (TIF) district investment through the City of Rock Island. The TIF support, GROWTH said, is integral to the renovation project planned at 1829 Fourth Ave.The combined investments by GROWTH, IHDA and the City of Rock Island will bring $4.6 million downtown to preserve and upgrade an historic apartment building, the agency said in a news release.Using a model based on the National Homebuilders Association, GROWTH said the Sala Flats redevelopment is expected to support 45 construction jobs, three indirect jobs through construction activity, and retain 15 jobs in the community with direct and indirect economic impact. Sala Flats is listed on the National Register of Historic Places as the last remaining historical apartment in downtown Rock Island and received the prestigious Richard Driehaus Preservation award from Landmarks Illinois in 2006. Dr. Elmo Morgan Sala commissioned construction of this Italian Renaissance Revival in 1903 and lived there until his death in 1921. Many of the original fixtures have been preserved. The original award-winning historic rehab also was done by GROWTH – complete with units of residential rental housing. Through the current deal, GROWTH will become sole owner and make substantial capital improvements to the property in 2023. Brian Hollenback, GROWTH’s president and CEO, has championed Sala Flats’ preservation since 2005 and said GROWTH is restating its long-term commitment to Sala Flats and downtown Rock Island with this new effort. The scope of construction includes installation of a new security system, new appliances, masonry restoration, tuckpointing, exterior painting, new gutters, new windows, new HVAC, electrical and plumbing updates, and railing restoration.
The development team for Sala Flats includes:
GROWTH, developer.
Growth General Contracting, LLC, general contractor.
Home Base Property Management, LLC, property manager.
Baranski, Hammer, Moretta & Sheehy, architect.
Applegate & Thorne-Thomsen, attorney.
The original 2005 project – $5.1 million investment by GROWTH – in Sala Flats’ also gave new life to the entire city block, GROWTH said. It created 33 mixed-income studio and one, two and three-bedroom apartments that were all rented within the first 45 days. The redevelopment restored 22 original Victoria and Craftsman style fireplace facades, original kitchen pantry cabinets, pocket doors, and wood wainscoting. A major hurdle during original construction involved the removal of a rare form of asbestos.Sala Flats’ original redevelopment was made possible by many partners including the City of Rock Island, Development Association of Rock Island, IHDA, Illinois Historic Preservation Office and National Park Service, Illinois Department of Commerce & Economic Opportunity, Federal Home Loan Bank of Chicago, and other equity and lending partners.GROWTH is a minority-controlled, nonprofit development organization that was incorporated in Rock Island more than 40 years ago. It has played a key role in the creation and sustainability of many housing developments throughout the city.Now a non-profit with a national footprint, GROWTH continues to sustain a diverse mix of housing options through its various developments throughout downtown Rock Island and works hard to maintain its existing housing mix. To learn more about GROWTH, visit here.
