227 LeClaire Street
Total Investment: $25 million (Est.)
Total Public Investment:TBD - TIF reimbursement/Potential Brownfield Grant
Jobs Created: TBD
Status: Demo in December of existing hotel building, construction in 2015
Two well-known developers and one of the Quad-Cities largest construction firms are teaming up to replace one of Davenport's worst eyesores with a gleaming new downtown development.
Riverwatch Place, a six-story mixed-use office and retail development, is the name of the winning proposal for replacement of the dilapidated Howard Johnson's property at the central city's eastern gateway. The developers are Bush Construction and Ruhl Commercial Investors, BLDD Architects.
The empty hotel on the site has sat empty since 2009, earning it the dubious distinction of being one of downtown's most notorious blighted properties. By contrast, the glass-encased new building will contain 60,000 square-feet, with most dedicated to Class A office space. Plans also call for a sixth-floor restaurant reminiscent of the old Davenport Club, and other retail and/or restaurant uses on the first floor.
Property owner Demolition Davenport, through the Downtown Davenport Partnership, will continue to be the steward of the property until a final closing.
The developers intend to demolish the building by the end of the year, with their sights set on spring or summer construction. City staff is working on some property consolidation and a draft economic development agreement. Bruce Berger, Davenport's Community Planning & Economic Development Director, said the major incentive used will likely be a Tax Increment Financing reimbursement of the increased assessed value of the site, at a percentage to be determined.
Kyle Carter of the Downtown Partnership said the time is ripe for new office development downtown. For one, most of the downtown building stock is older, historic businesses which are often difficult and expensive to convert into modern office use. Secondly, while the massive increase in new downtown market rate apartments has been good for business, office space drives up demand for daytime retail and commercial uses even more.
"New construction offers developers a blank slate; we have a real opportunity to add more variety to our commercial offerings downtown to suit users that are seeking more open space."
Berger said completion of both this project and the pending Dock at Davenport project will breathe new life into downtown's east side.
"Adding amenities like new restaurants as well as Class A office space show that downtown Davenport is vibrant and a great place to do business," Berger said. "It makes our job of attracting new investment and new businesses easier."
