It's been in the works for about eight years and now Moline's RiverTech development looks to be closer to reality.
Firms across the country submitted proposals for a chance to develop the property. Monday night Renew Moline and the city of Moline hosted a public presentation for two developers. In a lecture room at the Western Illinois University-Quad Cities Riverfront Campus several dozens of people, city leaders and public, turned out to see the ideas.
A theme from both of the developers was keeping the nearby campus and community in mind. The 15 1/2 acres for the RiverTech development sits just West of the university. The first developer bringing to the table a wide variety of ways to fill the site. On slides team members showed plans for housing for students, shops and restaurants, even an IMAX theater.
"It brings in families. I'd like to see, they're going to have some type of restaurants, the grocery store idea. I asked in the beginning if each one would do their own development and bring things in," said Alderman Richard Meredith.
The second firm offered a mix of retail, suggesting a farmer's market. but focused more on housing. Representatives had boards displaying building designs for both senior living and student life.
"The housing component has really come up in the last couple of years because of the change in dynamic of Western Illinois University," said Ray Forsythe, Director of Planning and Development.
The goal is to open up the first phase of the RiverTech development alongside phase two of the WIU-Quad Cities Riverfront campus. "Students are going to be coming," added Forsythe, "We need to be ready to have opportunities for those students."
The RiverTech project has been relying on that to move forward. "The challenge really was the funding for the campus. The private sector wasn't going to come up and start to building services when they weren't really sure the campus was going to be built," said Forsythe.
Moline has about $5 million invested in the property. The goal is to get recouped whether it be through the sale of the property or increased taxes and job growth. The project could draw between $50-100 million in private investment.
The city started buying up the property in 2005 and demolition began about five years ago. In 2008, there were issues with asbestos in a warehouse that cost the city in clean-up. Now the site is clear and utilities and a road is finished. The goal now is to have a development agreement worked out in a few months and start construction in eight months to a year. Staff will recommend a preferred developer at Tuesday night's council meeting. City leaders could decide to move forward with one of them.
