MOLINE, Ill. — A historic building in downtown Moline has been donated to a local nonprofit so that it can become something more.
RiverStone Group, which formerly was formerly headquartered in downtown Moline, donated the building to Renew Moline, a nonprofit that focuses on economic development in the city.
The building also formerly belonged to J.C. Penney, becoming a historic staple of the downtown area after its construction in 1956. J.C. Penney held the building until 1972, and RiverStone held it from the late 1980s through 2019.
This also isn't the first time the company has donated property to Renew Moline. Previously, RiverStone donated the current locations of Bad Boy's Pizza and Shameless Chocolic, both of which were old, historic buildings prior to their redevelopment by the nonprofit.
Renew Moline, in cooperation with the city, will create a redevelopment strategy to maximize the building's potential in the 15th Avenue corridor. Officials said the plans are likely to include first-floor commercial space and residential units.
“Renew Moline is grateful for the continued generosity and civic-mindedness of the RiverStone Group and Ellis family,” Renew Moline Board Chairman Greg Derrick said. “Renew’s goal is to position the property as a great development opportunity. We are looking forward to bringing the building back to life adding to the vitality of downtown Moline.”
“We are pleased to be able to donate a quality building to continue Renew’s track record of redevelopment success. We are excited to see what the future holds," RiverStone Vice President Mike Ellis said.