Reflecting on successes and challenges of past year; looking ahead to future progress
$29M invested in key projects and $69M under construction
July 18, 2023
The Downtown Davenport Partnership celebrated accomplishments of fiscal year 2023 (July 1, 2022 - June 30, 2023) during its annual meeting on July 18, calling attention to recently completed projects, future investments, new infrastructure, businesses grants, as well as turning the corner after the 324 Main disaster and managing spring flooding.
“With stewardship of property top of mind and hard lessons learned, now is the time to come together as a community to heal, inspire change and redouble our efforts to invest in the place we proudly call home, said Kyle Carter, Executive Director, Downtown Davenport Partnership.
Here are some of the FY 2023 successes discussed at DDP’s annual meeting:
New investment
In FY 2023, downtown Davenport saw more than $29 million invested into 13 completed projects with highlights including Blue Spruce Bakery, Capitol Theatre, Dam Tacos, Oh So Sweet by Tiphanie, RAYGUN and The Suites.
In addition, 12 projects are under construction representing $69 million of additional investment with key projects including The Last Picture House, Bowstring Lofts, Bucktown Lofts, 3rd & Main Apartments, The Garrison, Federal Pointe Apartments, Hiller Building and Martin Luther King Park.
Twenty planned projects projected to yield $131 million are still on the horizon for future years.
Downtown assessed property values have increased from $109 million in 2010 to $205 million today.
In all, there were 36 new, retained or expanded businesses downtown.
Since 2000, more than $686 million has been invested in downtown Davenport.
Grant assistance & business ecosystem
DDP approved business relief funding of $97,500 to 14 businesses directly impacted by the building collapse at 324 Main St.
Entrepreneur Grants totaling $10,000 were awarded to three startups.
Design/pre-development grants were awarded by DDP to three businesses in the amount of $7,500.
In addition, DDP awarded $52,000 in façade improvement grants to seven properties which leveraged $264,000 in private investment.
DDP also awarded $77,000 in commercial interior improvement grants to nine downtown businesses leveraging $340,000 in private investment.
DDP announced that the Exterior & Structural Improvement Grant will double in FY 2024 from $50,000 to $100,000, with a total of $175,000 available in funding for FY 2024.
Livability & infrastructure
Advocacy efforts to approve conversion of 3rd and 4th Streets into two-way roads proved successful. DDP has committed $700,000 to the $1.7 million project.
The City of Davenport approved initial flood mitigation improvements planned for River Drive and Marquette Streets.
The City’s successful Destination Iowa application will result in a $24 million place activation investment on the riverfront.
The 2022 Alternating Currents Festival featured over 100 artistic performances, expanded to Rock Island, and generated an economic impact of $1.8 million.
The Motor Row & Bucktown Historic District saw immense growth and has recovered from the 2019 flood damage with new construction, new businesses and more planned.
Downtown Davenport’s western corridor saw continued investment with major plans for the former YMCA site moving forward as well as several property sales and developments.
A new 3-year agreement was approved by the City of Davenport to continue DDP’s Cleaning Ambassador service downtown. Cleaning efforts yielded 735 cubic yards of litter removed, 384 graffiti tags removed and more calls for service in FY 2023.
Downtown housing units reached a total of 1,706 this past year with seven key buildings under construction and 367 total units now under construction.
Looking ahead to the future, DDP is focused on three key factors for sustained prosperity: increasing downtown population, expanding hospitality and retail spending, and promoting real estate and small business development.
