Units: 7 New Construction, Single Family
Investment: $2 Million
Rock Island Economic Growth Corporation (GROWTH) and the City of Rock Island are partnering together to create the Garden District, seven single-family, new construction homes in downtown Rock Island, just north of Jackson Square.
This housing development will be unique only to downtown Rock Island. Homes will be built in an urban, downtown environment ranging in size from 1,400 to 1,600 square feet with sales prices starting at $149,900. Two of the seven units will be targeted towards live-work with down payment assistance available.
“We are excited to be breaking ground on such a unique development in downtown Rock Island. GROWTH will be introducing seven new single family homes capitalizing on the success of Jackson Square and initiatives set forth in the Arsenal Gateway Plan” said Brian Hollenback, President for Renaissance Rock Island. “When looking at the funding sources that make this development possible, you will see words like program income and sales proceeds, these are funds that GROWTH has earned from its other various development activities that are being recycled into the community through the Garden District development, furthering GROWTH’s efforts to bring new housing resources to Rock Island to invest in Rock Island.”
In 2011, GROWTH celebrated the completion of Jackson Square, an $8.8 million, adaptive reuse development that converted a former Brownfields site into an award-winning community asset. Now in 2015, GROWTH plans to build upon Jackson Square’s success with the Garden District, a $1.8 million new construction project, located on vacant land located just north of Jackson Square.
The Garden District will create a Planned Unit Development with shared common elements, such as an outdoor patio, picnic area, urban garden, dog park, and playground that can be used by homeowners of the Garden District and residents of Jackson Square.
GROWTH is serving as the developer with GROWTH General Contracting LLC serving as the general contractor. This project was made possible by the following funding sources:
- Debt, First National Bank
- Program Income, Neighborhood Stabilization Program 2
- Sales Proceeds, Neighborhood Stabilization Program 1
- State Affordable Housing Tax Credits, Illinois Housing Development Authority
- Tax Increment Financing, City of Rock Island
- Sales Proceeds, Illinois Attorney General National Foreclosure Settlement Funds
- Deferred Developer Fees
The Garden District builds upon the success of GROWTH’s previous downtown developments. The Locks ($6.2 million), Goldman Family Block ($1 million), Jackson Square ($8.8 million), McKesson Loft Condominiums ($6.5 million), Voss Brothers Lofts ($5.5 million), Murphy Lofts ($635,000), Bowlby Condominiums ($750,000), Sala Flats ($5 million), Clipper Condominiums ($2 million), and Goldman and Renaissance Lofts ($6.3 million). To date, GROWTH has been successful in leveraging more than $160 million in revitalization efforts throughout the city of Rock Island.
Interesting Fact: The Garden District compliments the rise of economic development activity in the area surrounding Jackson Square, with nearly $20 million of business growth, expansion and investment planned and occurring within the Arsenal Gateway.