REQUEST FOR OFFERS- STAR BLOCK

DEADLINE: May 31, 2024

All offers to purchase the Star Block must be submitted to Carey Jorgensen at [email protected] no later than May 31, 2024, at 5:00 PM.

INTRODUCTION

Star Block Lofts, LLC and Development Association of Rock Island, Inc. are the owners of the historic Star Block in downtown Rock Island on the corner of 2nd Avenue and 19th Street. During their ownership, they have invested over $2.5 million in the acquisition and renovation of the property. As mission-driven non-profits, the owners now wish to sell the property so that they may reinvest the proceeds in other development projects in Rock Island.  Some of the relevant details concerning the property are as follows:

1821-1823 2nd Avenue, Rock Island, IL
 Mixed Use: 2 commercial units on first floor, 8 residential units on the second and third floors (6 units are at market rent and 2 units are restricted to Low Income Households through an IHDA (Illinois Housing Development Authority) Regulatory Agreement until 2027)

• One commercial unit is leased to US Senator Tammy Duckworth and the other commercial unit is vacant

 
1825 2nd Avenue; 1827-29 2nd Avenue, Rock Island, IL

• Both Ground Floor commercial units are currently leased
• Soi 2 Thai Street Food leases one unit
• El Patron in The District leases the second unit

The owners will disclose financial information exclusively upon receipt of a purchase offer, considering reasonable offers that align with market value and their expectations. They have expressed their intention to sell all buildings as one package, giving preference to offers that meet market value standards and align with their expectations, ensuring acquisition by a single entity.

For more information and to arrange for a tour of the property, please contact Carey Jorgensen at 309.794.6711 or by email at [email protected].

Buyers agents welcome, and commission agreements will be negotiated accordingly.

Click to Learn More

---