The building formerly known as the Chase Bank building in downtown Moline received an extensive transformation as the ownership celebrates the completion of 5&15 Apartments -- the first phase of the property’s redevelopment. A private ribbon cutting ceremony is scheduled for Tuesday, September 12th.
5&15 Apartments offers the newest opportunity for downtown living in Moline. Featuring furnished and unfurnished units with both river and downtown views, residents are offered a unique blend of preserved historic elements combined with urban style.
Demolition and renovation work on the upper eight floors of the 1921 historic tower structure began in fall of 2016. The initial focus was on the conversion of former commercial office floors into 31 market rate apartments, featuring mostly one bedroom units ranging between 500 and 1,100 square feet. Tenant amenity rooms, ranging from community gathering spaces to interior storage spaces, are also offered on each floor.
Roughly 31,500 s.f. of renovation work was completed as part of the primary redevelopment effort. Phase Two will entail improvements to the 17,000 s.f. adjoined Annex.
The project was co-developed and is owned by a partnership of Russell and the Amin Group. The City of Moline was a key partner in providing TIF incentives for the redevelopment of this important downtown structure. The property is listed on the national historic register and was subject to design review and approvals in compliance with the Federal Historic Tax Credit program. “The redevelopment of this historic building will really bring a new life and energy to downtown Moline. As developer, co-owner and contractor, we’re very proud to be a part of this revitalization effort and look forward to continuing our great relationship with the city in the future,” said Jim Russell, President and CEO of Russell.
The construction and design team includes Russell and Legat Architects. For more information, please visit their websites at www.russellco.com and www.legat.com.
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