GROWTH is looking to redevelop the former Zimmerman car dealership site at 1502-1504 5th Avenue into a mixed use development known as Zimmerman Lofts. The adaptive-reuse, mixed-use development includes new construction of 40 residential upper story, rental units and redevelopment of over 21,000 square feet of first floor commercial space.
GROWTH intends to create market driven housing that will ignite additional investment in the downtown. As an experienced community-based developer having built nearly 230 units of downtown housing in Rock Island, GROWTH has experienced firsthand how developments like Zimmerman Lofts can stimulate further investment. The development will repurpose an existing vacant building, and create two floors of residential new construction. The development is anticipated to create up to 25 permanent jobs, as well as support 140 jobs through its construction period.
“We are thankful for our strong partnership with the City of Rock Island and Mark Zimmerman and are excited to announce moving forward with the development. The Zimmerman family and business has a 50-year legacy in downtown Rock Island, and we are proud to work with him and the City on this adaptive reuse effort,” says Brian Hollenback, President for Renaissance Rock Island.
A Preliminary Project Assessment (PPA) was approved by the Illinois Housing Development Authority (IHDA) in December 2015. Receiving the PPA approval allows GROWTH to submit a tax credit application to IHDA by February 28, 2016. If approved, the $10.2 million mixed-use development is anticipated to break ground by fall 2016.
GROWTH has been conducting its due diligence and is making preparations for its tax credit application that will be submitted to IHDA by February 28, 2016.