A new target date for the demolition of the Twin Bridges Motor Inn will not delay the completion date of a new apartment complex development in downtown Bettendorf.
Twin Bridges LP has requested an additional four week extension to begin construction of the first of two five-story buildings at 221 15th St. after some "minor delays" forced it to deviate from the project's start date stipulated in its development agreement with the city.
Bob Rafferty, an attorney representing developer Frank Levy and Newbury Living, said the close of property is expected at the end of the month, with demolition and asbestos remediation scheduled for on or around July 10.
"The process is taking a little longer than ideal, but the good news is we're getting real close," Rafferty said.
The project, consisting of 132 market-rate apartments, was supposed to commence within 120 days of Bettendorf executing a development agreement with Twin Bridges LP, placing the demolition in April, but a six week extension was sought after issues with financing emerged.
The project's expected close date falls outside the extension, which was why Twin Bridges sought an additional extension.
As part of the incentive package, the development agreement called for a $750,000 forgiveable economic development loan, 100 percent tax increment financing rebate for 20 years and vacation of Gilbert Street from 15th to 16th streets.
The property was to be acquired with a bridge loan based upon the value of the property with the motel demolished, but an appraisal did not support the purchase price.
Another appraisal, however, has been completed and financing will be in place before the demolition occurs.
Besides issues with financing, the project also has seen parking limitations create issues in the preparation process.
Rafferty said the development was to have a restaurant on the premises, but because of the lack of available parking, that is not feasible at the present time.
In its place, Newbury Living will move its eastern offices into the new building as a solution for the lack of parking.
City Administrator Decker Ploehn expressed optimism that the parking issues would be worked out once the closest segment of the new I-74 bridge is completed and the state no longer needs right-of-way for ramps.
"There are likely going to be remnants there that we can use for parking," Ploehn said.
Ploehn said development also is going to occur across the street, which will open more opportunities for parking.
With demolition to begin by the second week of July, Rafferty said the building would be down by August or September, when the foundation work will begin.
Despite the project's construction occurring in two phases, Rafferty said the foundation work for the second building will begin at the time of construction for the first building.
Rafferty said the first building is expected to be completed by summer 2018 and the second building finished by spring 2019.
Those timelines, however, represent improvements on the development agreement, which called for the first building to be completed by December 2018.
"Although they are requesting a 30-day extension to get this project up and running, on the tail end, the suggestion of a 2018 summer opening of building one is approximately six months ahead of their schedule in the development agreement," Economic Development Director Jeff Reiter said. "The suggestion of a 2019 spring opening for the second building is about six months ahead of that deadline as well."