The property (built in 1956) was formerly the headquarters of the RiverStone Group and includes a two-story 35,064-square-foot building and a parking lot directly north of the building. The RiverStone Group donated the property to Renew in August 2022 to spur new life and economic development into downtown Moline, according to a Tuesday release from Renew.
The executive committee of Renew Moline’s board approved the selection of Bush Development at its Jan. 11, 2022 meeting.
“Renew Moline is pleased to announce an important partnership to redevelop this property,” Greg Derrick, Renew Moline chairman, said in Tuesday’s release. “The property has the potential to infuse significant new energy in the area. We are looking forward to developing a redevelopment strategy together with the Bush Development team.”
In mid-2021, the Urban Land Institute Advisory Panel identified the project site as having potential for multifamily residential. In fall of 2022, Renew Moline solicited development
proposals for the renovation of the existing JCPenney building, with a new construction component on the parking lot to the north of the building.
Project plans are in the early stages but are likely to include a residential component to meet market demand for urban living, Renew’s release said. “We are excited about it,” Renew executive director Alexandra Elias said later Tuesday.
Jon Davidshofer, director of development for Bush Development said, “Our team is honored and
excited to partner with Renew Moline and the city of Moline on what we feel will be a catalytic
project. We believe the 1701 5th Avenue project will boost new development in the heart of
downtown Moline and prove to be a true example of a public-private partnership.”
He was not available on Tuesday for further comment on the plans or timetable for construction.
Renew and Bush anticipate the first steps of the project will include refining the concept and
negotiating a development agreement with the city of Moline. Any development agreement
would require approval by the City Council. A timeline will be announced in late spring.