DAVENPORT, Iowa — A new $39 million housing property is coming soon to Davenport.
TWG, a real estate development company specializing in commercial, market rate, affordable and senior housing, announced the beginning of construction on Jan. 5.
The four-story Federal Point will include a mix of studio, one- and two-bedroom apartments. TWG said a total of 185 units will be available in winter 2023, and will be reserved for anyone earning at or below 60% of the area median income.
TWG Development Director Graham Parr says the soon-to-be residence was created in coordination with the local YMCA to maximize opportunity of the site while providing a single and connected community for the block.
"We had a lot of input from the Y as far as the types of units to go in, how the property is actually going to be designed, the site plan," Parr said. "And so it definitely, I think, brings in a sense of community."
YMCA CEO Brad Martell explained they picked their new neighbor strategically. This apartment complex fits into the YMCA's goals to increase downtown Davenport's walkability as well as sense of community.
"It gives people here a chance that work downtown to live downtown," Martell said. "The connectedness is good for everybody."
TWG says the buildings typically fill pretty quickly.
"They're not incredibly difficult ones to reach. So a lot of the times we see people move in, first year out of college students, teachers, firefighters, police officers," Parr said. "A lot of janitorial staffs at schools, people like that, that can move in and afford and get to live in a place that's maybe a little bit different than as a market rate."
The complex will consist of 23 studios, 95 one-bedrooms, and 67 two-bedroom units. Rent will cost between $700 and $900.
Federal Point will be located west of the new R. Richard Bittner YMCA, located at 450 LeClaire Street.
The company said Federal Point is aimed at addressing the shortage of affordable housing in Davenport and the Quad Cities. Local reports have shown a gap of 6,645 units needed to meet the community's housing needs combined with an increase in rental prices, which makes it harder for some to afford quality housing, according to TWG.
“We must continue to develop and construct new workforce housing properties that are affordable, not only in communities like Davenport but nationwide,” said Graham Parr, development analyst at TWG. “We are grateful for the opportunity to continue to expand our presence in the state of Iowa and hope Federal Point will have a transformative impact on the community.”
Some of the planned amenities include a fitness room, bike storage and an outdoor patio.
TWG said construction is estimated to be completed by December 2023. They plan to break ground as soon as weather warms up.