Construction started Tuesday on the third chapter of what has been a Davenport best-seller for developer Restoration St. Louis.
The St. Louis-based company, responsible for the renovation of the Hotel Blackhawk and Forrest Block projects, started work on the $4.5 million Renwick Building renovation on the southwest corner of the Brady and 4th streets intersection.
The city of Davenport is providing a $1.84 million bridge loan for the project. Financing is through Eagle Bank and Trust Co. of St. Louis, NMGI Insurance and Restoration St. Louis. The project is participating in the State Historic Preservation and Cultural Entertainment District Tax Credit program.
At Tuesday’s groundbreaking, Mayor Bill Gluba thanked the developers for preservation of three landmark structures in the downtown.
“Their reputation as top-notch developers is well deserved, and we are pleased that they continue to invest in Davenport,” the mayor said. “Under our development agreement, the city will provide bridge financing for the project, and at a time when the city is needing revenue, our loan will be repaid with interest.”
The Renwick Building most recently served as Matthew’s Office Supply, but has been vacant since 2005. First completed in 1897, the building has been home to several other businesses as well.
“The Renwick is a beautiful and intact example of the style of architecture known as the Chicago School,” said Amy Gill, a principal of Restoration St. Louis. “Early 20th century commercial buildings like this — solidly steel-framed, brick-skinned and well-windowed — are wonderful candidates to become residential buildings in the 21st century.”
Apartments will range in size from 950 to 1,300 square feet. Tours of the apartments are scheduled for for December, with reservations and deposits accepted after October.
A “nationally known” entity that hasn’t been announced will be a commercial tenant in the building, according to Restoration St. Louis.