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Harrison Lofts ProjectCity of Davenport, Iowa
Where is Davenport, Iowa?
QUICK FACTS
Population of 100,000+ on the shore of the Mississippi River
Largest city within the Quad Cities, a metro region of almost 400,000 people
The Challenge?
Older neighborhoods or commercial areas
Lack of maintenance Disinvestment Vacant housing; abandoned
storefronts
Neighborhood Life-Cycle - TriageS
ucce
ss
Time
Hilltop Area – Specific Challenges
Tired, commercial corridor is gateway to downtown; 5 blocks of small retail/bar/service on fast moving, one-way highway
Older housing and predominantly rental (46%); no new housing since 1950s; roughly 10% vacancy rate; median rent: $500
Dilapidated, vacant apartment burned down in 2009
Surface parking lot on same block rarely used
Hilltop Area - Other Roadblocks
City awarded $519,000 in NSP3 in 2011
However, City-issued RFP generated ZERO interest
Fire at vacant apartment building formerly on the site of Harrison Lofts. Photo Credit: Quad City Times, 2009.
RFP Example
The “Upside” - View from 10,000 feet…
University campus - 3,500 students
SSMID Chiropractic
College - 2,000 students
On State Highway with 13,000 vehicles/day
all
Attacking from
angles
Six Degrees of (Davis-) Bacon?
Finally! Landed a
developer!
Jan. 2012
Harrison Lofts – Project Site
Project Funding Details
Sources
LIHTC $5,117,776
Private Mortgage $2,025,000
NSP Funding $636,000
State Enterprise Zone $285,000
Deferred Developer Fee $160,109
$8,223,885 Land donated by City 60 new housing units (9 market-rate, 51 workforce)
2 new commercial storefronts
HUD funds helped leverage over $7.5 million in other investment ($12:1)
Harrison Lofts - In Progress
Harrison Lofts - Completed
City of Davenport, Iowa
Please contact
at (563) 328-6706 or [email protected]
for additional information.Bruce Berger
