August 01, 2014

To celebrate 10 years since its founding in 2003, Modern Woodmen Bank donated $10,000 to the Rock Island Economic Growth Corporation (GROWTH) for predevelopment costs associated with the Star Block reimg 4922development effort.


“We are the only bank headquartered in downtown Rock Island and have a strong local economic impact,” said Steve Ollenburg, president and CEO of Modern Woodmen Bank. “To celebrate 10 years, we wanted to further our commitment to the downtown community.”


One of GROWTH’s pipeline projects, the Star Block, was designated a Rock Island landmark in 1991. Although appearing to be one single entity, the buildings that make up the Star Block are three separate structures owned by three different owners. To further meet the housing needs of the community, this 137-year old historic, landmarked structure at 1821-1823 2 Avenue is currently under site control and slated for rehabilitation by GROWTH.


The overall project includes creation of eight residential rental units and rehabilitation of approximately 1600 square feet of commercial space. This effort will preserve and transform the Star Block into one and two bedroom live-work rental units ranging in size from 540 to 1400 square feet. Accessible, affordable units targeting veterans will be created on the first floor.


“The fact that this project will help veterans is particularly important to us,” said W. Kenny Massey, Modern Woodmen Bank chairman of the Board of Directors and Modern Woodmen president and CEO. “These heroes deserve housing that is accessible and affordable. Modern Woodmen Bank is proud to be the first organization to support the project.”


Brian Hollenback, president of Renaissance Rock Island commented, “Modern Woodmen has been extremely generous and a great partner to GROWTH since its beginning in 2003. Today, we are happy to announce that Modern Woodmen continues to demonstrate its generosity and commitment to downtown Rock Island by donating $10,000 towards redevelopment of the Star Block. We are grateful for this continued partnership and for their donation and commitment to Rock Island.”


The Star Block- Proposed Project Activities:compressed

1st Floor- rehabilitation of first floor commercial space facing the Great River Plaza and creation of two accessible affordable

rental units targeting veterans.

o1 accessible apartment (1 bedroom,1 bath, approximately 540 sq. ft.)

o1 accessible apartment (1 bedroom, 1 bath, approximately 750 sq. ft.)

oCommercial space (approximately 1,600 sq. ft.)

 

2nd Floor- creation of three live-work rental units ranging from approximately 800 to 1,100 square feet.

o 2 apartments (2 bedrooms, 2 baths, each approximately 1100 sq. ft.)

o 1 apartment (2 bedrooms, 2 baths, approximately 800 sq. ft.)


3rd Floor- creation of three live-work rental units ranging from approximately 900 to 1,400 square feet.

 o2 apartments (2 bedrooms, 2 baths, each approximately 1,400 sq. ft.)

o1 apartment (2 bedrooms, 2 baths, approximately 900 sq. ft.)


Funding for this project is still to be determined. The $10,000 donation received will assist in predevelopment costs with an emphasis on two accessible, affordable units targeting veterans.


The rehabilitation of the Star Block builds upon the success of GROWTH’s previous downtown multi-family developments. In the past seven years, GROWTH has introduced 194 units to downtown’s growing residential population including: Goldman and Renaissance Lofts ($6.3 million), Clipper Condominiums ($2 million), Sala Flats ($5 million), Bowlby Condominiums ($750,000), Murphy Lofts ($635,000), Voss Brothers Lofts ($5.5 million), McKesson Loft Condominiums ($6.5 million), Jackson Square ($8.8 million), and Goldman Family Block ($1 million).