Former JCPenney building in Moline to get new life as commercial/residential space
The Moline City Council took a major step towards renovating the former JCPenney building in the city’s downtown into 32 residential units at its most recent meeting.
The city council unanimously endorsed a proposed $6.8 million Redevelopment Plan and Economic Incentive Agreement, the first hurdle toward project approval. The building was built in 1956 as a JCPenney department store, which closed when it moved to South Park Mall in 1972. The two-story building has a basement and totals about 35,000 square feet. About 50 staff members from the RiverStone Group worked at the location from the late 1980s to 2019. The company donated the building to Renew Moline in late 2022.
Renew Moline chose Bush Construction as its partner in early 2023 to maximize the development potential of the site and enhance the Fifth Avenue corridor. The project includes adding a third floor and constructing studio, one- and two-bedroom units, along with first-floor commercial space. The proposed project was approved by the City of Moline Plan Commission in February 2024.
“This building has served two uses over its history, and we are pleased to pass this building to Bush Construction to begin the third,” said Greg Derrick, Renew Moline Board Chairman. “Renew has worked to secure a quality development partner to deliver a model of urban living to the community. We are looking forward to bringing new residents downtown.”
“It really changes the number of people on the streets. If you come down to this intersection, it feels very different than it did two years ago just because there’s more people and more activity happening here,” said Alexandra Elias, Renew Moline President and CEO. “This project will be in the heart of it, and it is going to contribute new residents to be part of that activity.”
The redevelopment will invest in Fifth Avenue, supported by a newly created tax increment financing (TIF) district, like the ones created by other districts over the last 30 years to support downtown redevelopment. Under the terms of the agreement, Moline will provide a loan to close a funding gap that will be repaid by the project through TIF. The project will provide leased parking spaces for tenants in a nearby lot and add bike racks on the Fifth Avenue side and landscape improvements on 17th Street. The project helps the city’s goal of creating more housing, especially in areas served by public transportation.
“This project supports all three of the city’s Strategic Plan Pillars of creating quality places, stimulating private investment and building infrastructure smartly,” said Mayor Sangeetha Rayapati. “We are happy for the partnership with Renew Moline and Bush Construction and look forward to seeing the project completed.”
The 17th Street and Fifth Avenue area has seen plenty of new activity in the past five years, with the opening of the Axis Hotel and the Fifth Avenue Syndicate and the recent additions of the Atlas Collective coffee and bookshop and the Sound Conservatory in the Carnegie Library.
“We are excited to add new residents to this area and continue to build on downtown Moline’s success,” said A.J. Loss, Bush Construction president. The city council is expected to give the project final approval by the next meeting on May 7. Renew Moline expects to transfer the property to Bush in the next few weeks. Construction is planned for a late 2024 start.
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