Renovate Moline and Bush Improvement to construct Fifth Avenue Property, former Riverstone Group headquarters | Tech Guess

MOLINE, Illinois (KWQC) — Renew Moline and Bush Improvement have introduced a partnership to develop a property on Fifth Avenue, previously residence to the Riverstone Group.

The property, positioned at 1701 Fifth Avenue, features a 35,064-square-foot two-story constructing and car parking zone straight north of the constructing, and Renew Moline officers say plans for the mission are within the early phases however will possible embrace a residential part to satisfy market demand for dwelling within the metropolis.

“The property has the potential to carry vital new vitality to the realm,” mentioned Renew Moline President Greg Derrick. “We sit up for growing a redevelopment technique with the Bush Improvement staff.”

Renew Moline and Bush anticipate that the mission’s first step might be to refine the idea and negotiate a growth cope with the Metropolis of Moline, and officers say any growth deal would require Metropolis Council approval. Nevertheless, they are saying the schedule might be introduced in late spring.

The Riverstone Group handed over the property to Renew Moline in August 2022 to spur new life and financial growth in downtown Moline, in line with a Renew Moline media launch. The Board of Administrators of the Renew Moline Government Committee accepted the choice of Bush Improvement at its assembly on January 11, 2022.

Based on Renew Moline officers, in mid-2021, the City Land Institute Advisory Panel concluded that the mission web site has potential for multi-family growth. In Fall 2022, Renew Moline made an RFP to renovate the prevailing JCPenney constructing with a brand new structural characteristic within the car parking zone north of the constructing.

“Our staff is honored and excited to be working with Renew Moline and the Metropolis of Moline on what we consider might be a catalytic mission,” mentioned Jon Davidshofer, Chief Improvement Officer at Bush Improvement. “We consider 1701 Fifth Avenue will speed up new growth within the coronary heart of downtown Moline and show to be a real instance of public-private partnership.”

To be taught extra about Renew Moline, go to https://www.renewmoline.com/.

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