04
Jul
2001
Despite the setback of having developer Kaizen Company of America pull out of the commercial portion of The Quarter riverfront re-development effort (see City Shorts in this week's issue), the City of East Moline could be moving forward on other components of the project in the coming weeks.
City Administrator Steve Verdick said the developer of riverfront condominiums could have financing secured in time for city-council approval of infrastructure bonding on July 16. Some condos could be built by September, Verdick said.
In the meantime, Kaizen's withdrawal from The Quarter has likely changed the project's nature. The city has already talked with two developers about the property, and both have said they're interested in the project only if it has some residential component. "It doesn't look like it's going to be a complete office building," he said. "There's just not a lot of Class A office space being pushed for."
Proposals and budgets from the new developers are expected in the next two to four weeks, Verdick said.
Because of project alterations, though, it might take two to three months before the new office and/or residential phase can come before the city council. Verdick said the city is still hopeful construction can begin this season.
The Quarter project was envisioned to also include a Mississippi River interpretive center, a regional sports center, and public improvements. Because The Quarter has taken so long to get off the ground, some people are still skeptical about its feasibility, Verdick said. But when construction begins on the condominiums, "the interest level will really go up," he said.
City Administrator Steve Verdick said the developer of riverfront condominiums could have financing secured in time for city-council approval of infrastructure bonding on July 16. Some condos could be built by September, Verdick said.
In the meantime, Kaizen's withdrawal from The Quarter has likely changed the project's nature. The city has already talked with two developers about the property, and both have said they're interested in the project only if it has some residential component. "It doesn't look like it's going to be a complete office building," he said. "There's just not a lot of Class A office space being pushed for."
Proposals and budgets from the new developers are expected in the next two to four weeks, Verdick said.
Because of project alterations, though, it might take two to three months before the new office and/or residential phase can come before the city council. Verdick said the city is still hopeful construction can begin this season.
The Quarter project was envisioned to also include a Mississippi River interpretive center, a regional sports center, and public improvements. Because The Quarter has taken so long to get off the ground, some people are still skeptical about its feasibility, Verdick said. But when construction begins on the condominiums, "the interest level will really go up," he said.
