A $6.8 million proposed agreement with Bush Construction to transform Moline’s former downtown JCPenney building into 32 apartment residential units and first-floor commercial space was unanimously endorsed by the Moline City Council on Tuesday, April 23.
The Redevelopment Plan and Economic Incentive Agreement with Davenport-based Bush represents the first hurdle toward project approval for the major renovation of a building that was built in 1956 as a JCPenney department store. Final project approval is expected by the City Council on May 7, according to a news release from Renew Moline.
The old Penney’s store was closed in 1972 when the retailer moved to SouthPark Mall. The existing two-story building includes a basement and comprises about 35,000 square feet. After Penney’s quit the building, the RiverStone Group housed about 50 employees there from the late 1980s. Riverstone Group donated its former headquarters at 1701 Fifth Ave. to Renew Moline in the hopes of redeveloping the old downtown JCPenney store, leaders said back in July of 2022.
The company, a leading producer of aggregates in the Midwest, also said it donated the site to the economic development organization to spur economic development opportunities for downtown Moline.
RiverStone Vice President Mike Ellis said in announcing the gift then: “We are pleased to be able to donate a quality building to continue Renew’s track record of redevelopment success. We are excited to see what the future holds.”
Partnership began in 2023
Renew Moline chose Bush Construction as its partner in that effort in early 2023 with the goal of maximizing the development potential of the site and enhancing Moline’s Fifth Avenue corridor. The planned project includes the addition of a third floor and construction of studio, one- and two-bedroom units along with a first-floor commercial space. The proposed project received design approval from the City of Moline Plan Commission this February.
“This building has served two uses over its history, and we are pleased to pass this building to Bush Construction to begin the third,” Renew Moline Board Chairman Greg Derrick said. “Renew has worked to secure a quality development partner to deliver a model of urban living to the community. We are looking forward to bringing new residents downtown.”
Renew Moline President and CEO Alex Elias also told the QCBJ today: “We had a great team that worked hard to get us to this point. We are grateful to the City of Moline and Bush Construction for their staff’s hard work to get to this important milestone.”
Bush Construction President A.J. Loss added in the Renew Moline release, “We are excited to add new residents to this area and continue to build on downtown Moline’s success.”
The $6.8 million redevelopment will add investment to Fifth Avenue that is supported by a newly created tax increment financing district, similar to other districts created over the last 30 years to support downtown redevelopment, Renew’s release said.
Under the agreement, the city will provide a loan to close a funding gap to be repaid by the project through TIF and will provide leased parking spaces for tenants in a nearby lot. The project also will add bike racks on the Fifth Avenue side and landscape improvements on 17th Street, Renew said. The project also furthers the city’s goal of creating more housing, especially in areas served by public transportation.
“This project supports all three of the City’s Strategic Plan Pillars of creating quality places, stimulating private investment and building infrastructure smartly,” Moline Mayor Sangeetha Rayapati said in the release. “We are happy for the partnership with Renew Moline and Bush Construction and look forward to seeing the project completed.”
The area of 17th Street and Fifth Avenue has seen new activity in the past five years with the opening of the Axis Hotel and the Fifth Avenue Syndicate, the recent addition of the Atlas Collective coffee and bookshop, and the Sound Conservatory in the Carnegie Library.
Renew Moline said it anticipates transfer of the property to Bush in the next few weeks with construction beginning in late 2024.
Renew Moline, Inc. is the non-profit economic development entity planning, facilitating development, connecting resources and people, and advocating for public policies and programs in order to realize opportunities for continued investment in and repositioning of Moline, Illinois’ riverfront as the place to live, work, play and learn.
Bush Construction was hired to deliver a better overall commercial general construction process. Bush believes that by offering design, development and construction services all under one roof, clients receive faster service, a consistent experience and achieve cost savings. Bush was proud to be named the “Coolest Place to Work in the Quad Cities” in January 2024.
