Russell Construction and the Amin Group plan to renovate the upper floors of the historic Chase Bank in downtown Moline into market-rate apartments.
Dave Smith, vice president of development services for Russell Construction, said the building at 1501 5th Ave., was built in 1913. The ground floor is currently being used by Chase Bank, which will continue to do so.
"We will renovate the upper floors two through nine into apartments," he said. "There is currently offices on those floors. There is one apartment. The top floor was rented out by a prior owner. There will probably be 24 to 30 market-rate rental apartments.
Smith said that an annex constructed in 1982 will be renovated into office space.
The estimated the cost of renovations at $2.5 million to $3 million. They hope to begin work in three to six months.
Amin Group is a hotel developer that is partners in ownership of the Radisson on John Deere Commons-Moline.
Smith said Russell and Amin Group formed a partnership called Moline Chase LLC which owns the building.
Jim Russell, president of Russell Real Estate, said the partners are undertaking a study now but intend to create corporate apartments on the upper floors, and maintain the first-floor commercial space. "Downtown apartments are becoming more popular, which is why that is the general direction we are heading," he said. "Of all the downtowns, I think Moline is leading the charge."
Smith said Russell Construction also is planning to construction a senior-housing development on the site that once was Moline Lutheran Hospital.