The opening of 5&15 Apartments has delivered another new option for urban living in downtown Moline.
A 1921 office building at 5th Avenue and 15th Street was formerly known as the Chase Bank building, the name of its remaining bottom floor tenant. The upper eight floors of the nine-story building have been transformed into 31 market-rate apartments.
The $6 million project blends new construction and modern elements with the building's historic architecture and features. It was co-developed and is owned by a partnership of Russell, a Davenport-based contractor, and the Amin Group, owners of the nearby Radisson on John Deere Commons. They acquired the building in 2014 and began demolition and renovation in November.
"The redevelopment of this historic building will really bring a new life and energy to downtown Moline," said Jim Russell, president and CEO of Russell. "As developer, co-owner and contractor, we're very proud to be part of this revitalization effort and look forward to continuing our great relationship with the city in the future."
Listed on the federal historic registry, the building "was subject to a lot of rigor to how we treated the design," said Angela Bagby, Russell's real estate project manager. "We wanted to re-purpose it to something the city needed, there was demand for, and in a historically respective way."
She said five of the eight floors — floors 2, 3, 5, 6 and 7 — are considered historic and maintain original features such as original doors with transom windows, terrazzine tile flooring, marble wainscot, and original structural columns. But because of renovations made over the years she said the fourth and eighth floors were not historic.
"It's a unique mix of urban, new and historic," Bagby said on a tour Tuesday. Every unit features granite countertops, new appliances and in-unit laundry.
Except for a single two-bedroom apartment on the top floor, the units are one-bedroom. Units, which range from 450 square feet to 650 square feet, rent for $805 to $1,090 a month. Six units have been leased. Thomas Real Estate, Davenport, is the leasing partner.
Bagby said 5&15 offers a unique option to Moline with two floors of furnished apartments available. She said the owners believe there will be demand for the option from "renters who come into the Quad-Cities to work for six or nine months, but don't want to bring a lot of stuff." Furnishings include furniture for a living room, such as a TV and couches, as well as appliances, bedroom furniture and artwork.
The building will remain home to anchor Chase Bank, but has a 17,000-square-foot ajoined annex that now will be redeveloped. "We are looking for a tenant(s) to complete the renovation of that space," she said.
The California-based Amin Group also is developing the new Element hotel in downtown Moline as part of The Q train station project. Russell is the contractor. The 5&15 Apartments design team included Legat Architects, with an office in Moline.