Renew Moline, Bush Development to develop Fifth Avenue Property
MOLINE, Ill. (KWQC) - Renew Moline and Bush Development have announced a partnership to develop a Fifth Avenue property, formerly known as the headquarters of Riverstone Group.
The property located at 1701 Fifth Avenue includes a two-story 35,064 square-foot building and parking lot directly north of the building and Renew Moline officials say project plans are in the early stages, but are likely to include a residential component to meet market demand for urban living.
“The property has potential to infuse significant new energy in the area,” said Renew Moline Chairman Greg Derrick. “We are looking forward to developing a redevelopment strategy together with the Bush Development team.”
Renew Moline and Bush anticipate the first steps of the project will include refining the concept and negotiating a development agreement with the City of Moline and officials say any development agreement would require approval by the City Council. However, they say a timeline will be announced in late spring.
The Riverstone Group donated the property to Renew Moline in August 2022 to spur new life and economic development into downtown Moline, according to Renew Moline’s media release. The Executive Committee of Renew Moline’s Board of Directors approved the selection of Bush Development at its Jan. 11, 2022 meeting.
According to Renew Moline officials, in mid-2021, the Urban land Institute Advisory Panel identified the project site as having potential for multifamily residential. In fall of 2022, Renew Moline solicited development proposals for the renovation of the existing JCPenney building, with a new construction component on the parking lot to the north of the building.
“Our team is honored and excited to partner with Renew Moline and the City of Moline on what we feel will be a catalytic project,” said Jon Davidshofer, Director of Development for Bush Development. “We believe the 1701 Fifth Avenue will boost new development in the heart of downtown Moline and prove to be a true example of a public-private partnership.”
To learn more about Renew Moline, visit https://www.renewmoline.com/.
Copyright 2023 KWQC. All rights reserved.