Developers of two historic rehab projects in Davenport have been awarded historic preservation tax credits from the Iowa Economic Development Authority to complete their work.
Y&J Properties, a partnership of Manoj and Manisha Baheti, Levi Ritche, Tom Piehl and Joe Erenberger, was awarded $533,638 for conversion of the former Hibernian Hall-Riverbend Bend Antiques, 421 Brady St., into 11 loft apartments with two businesses on the ground floor.
Work on the roughly $2.7 million project is expected to be finished in about a week, Erenberger said Monday.
For the other project, Frank Levy of the Des Moines-based Newbury Living, operating through 1606 Brady Associates, was awarded $1,511,505 for conversion of the former Davenport School District administration building on Brady Street. It is being developed into 38 apartments with the possibility of a retail store or restaurant on the ground floor.
Located at 1606 Brady St., the former administration building was built as the First National Bank of Davenport, opening in 1967.
Levy could not be reached for comment Monday, but previously has said he expects the apartment building to open this fall. It is a roughly $6.7 million project, he has said.
The two Davenport awards were among eight statewide, worth a total of $29.2 million, according to a news release from the economic development authority.
The historic preservation tax credit program provides a state income tax credit to projects that rehabilitate historic buildings. It is designed to promote the retention of unique, character-defining buildings and building features that contribute to a community and neighborhood. Rehabilitation must meet the federal Secretary of Interior standards.
The authority received 19 applications requesting $51 million in tax credits. Projects are scored based on readiness, financing and local support and participation, according to the news release.