126 18th Street & 1625 2nd Avenue, Rock Island, IL
Units: 52 Residential, Acquistion-Rehab: Preservation of Affordable Housing
$4.1 Million Refinance; $2 Million New Investment
15 years ago, GROWTH completed its first ever mixed-use development downtown Rock Island. Two large properties, the Goldman Building and Renaissance Building, located 1 ½ blocks from each other, were rehabilitated and developed in to a total of 52 contemporary loft apartments. The development still maintains an average 96% occupancy rate and waiting list. This is credited to the development’s unique floor plans, which total 14 between the two buildings.
Today, GROWTH's first multifamily development is in the process of undergoing needed improvements after more than 15 years in operation. Exterior work and window replacement started in fall 2018 through a $575,000 Community Development Block Grant funding from the City of Rock Island.
In 2019, GROWTH is working to acquire and refinance the development into one ownership structure and make necessary capital improvements to this continually successful downtown Rock Island development.
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.
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
Housing & Financial Education Center
114 19th St.
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.