Loft apartments developed in former Quad City Tire building

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The Alexander Company out of Madison, Wisconsin, will celebrate the opening of its newest apartment complex in downtown Davenport on Monday, September 22, 2014.

The company has re-named the old Quad City Tire building the 5th Street Lofts, and has put 33 apartments inside. The complex is located at 5th and Iowa. With the latest development, the Alexander Company has transformed its fifth historic building in the Warehouse District into apartments. Work has been going on at the Fifth Street Lofts for about a year.

The Quad City Tire building is about 40,000 square feet. The company has designed apartments like this for people in their 20's and 30's.

The Alexander Company will hold its ribbon cutting at 12:30 p.m. Monday. The company put $4 million into the project. They received about $5 million in state and federal tax credits.