126 18th Street & 1625 2nd Avenue, Rock Island, IL
Units: 52 Residential, Acquisition-Rehab: Preservation of Affordable Housing
GROWTH completed the acquisition-rehab of Renaissance Lofts & Goldman Lofts in November 2020. The effort allowed GROWTH to acquire the properties into one ownership structure, make significant capital improvements, and preserve affordable housing for the future.
Total project costs exceed $4.87 million and supported 33 construction jobs. Funding Sources include:
“We are thankful for our partnership with GROWTH who has maximized and invested millions of dollars to grow and support affordable housing opportunity throughout Rock Island,” said Mayor Mike Thoms. “This project was a catalyst 18 years ago and successfully spurred the revitalization of downtown Rock Island into a mixed-use neighborhood and will continue to serve as a catalyst to spur additional affordable housing preservation in the future.”
“In addition to protecting long-term affordability, this closing will enable the development team to make critical repairs to modernize these rental communities, enhance their operations and improve quality of life for residents,” said IHDA Executive Director Kristin Faust. “GROWTH and the City of Rock Island have been committed partners in meeting local housing needs, and IHDA was pleased to be a part of this public-private partnership that will ensure the Renaissance-Goldman Lofts will continue to serve Rock Island residents for years to come.”
Below: Both Renaissance and Goldman Lofts received full roof replacements and complete new sets of HVAC, Furnaces, Radon Mitigation Systems, concrete work, masonry, and new exterior paint.
Above: Exterior of Renaissance Lofts and Goldman Lofts in 2015. Historical photos of Renaissance Lofts circa 1990. Walgreens closed in 1992, then the Development Association of Rock Island (DARI) stepped in and purchased the building with plans for commercial redevelopment of the first floor. The upper stories were then redeveloped by GROWTH and its partner Brinshore Development in early 2001, converting the upper stories into 24 residential lofts that remain popular more than 15 years later.
In 2020, GROWTH acquired and made improvements to the properties. The effort totaled $4.8 million, supported 33 construction jobs, and preserved affordable housing within downtown Rock Island.
Above: Interior apartment of Goldman Lofts living area and Renaissance Lofts apartment kitchen.. The refinance includes new investment to maintain and update the exterior and interior areas of the building and includes updated mechanical, HVAC, cabinets, counter tops, flooring and exterior windows.
100 19th St., Ste. 109
Rock Island, IL 61201
Fair Housing/ Equal Opportunity Statements:
We are pledged to the letter and spirit of U.S. Policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.
Declaración de Equidad de Vivienda
Estamos comprometidos con la letra y el espíritu de la política de EE.UU. para el logro de la igualdad de oportunidades de vivienda en toda la nación. Alentamos y apoyamos un programa de publicidad y comercialización afirmativa en el que no existen barreras para obtener vivienda debido a raza, color, religión, sexo, discapacidad, estado familiar u origen nacional.
In accordance with federal law and the U.S. Department of the Treasury policy, Central States Development Partners, Inc. is prohibited from discriminating on the basis of race, color, national origin, sex, age or disability. To file a complaint of discrimination, write to Department of the Treasury, Office of Civil Rights and Diversity, 1500 Pennsylvania Ave. NW, Washington D.C., 20220 or call (202) 622-1160.