BREAKING: Renew Moline Partnering With Bush Development To Refurbish Riverstone Building
Renew Moline has announced the selection of Bush Development as its partner to give new life to 1701 5th Avenue in Moline. The property 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. The Executive Committee of Renew Moline’s Board of Directors approved the selection of Bush Development at its January 11, 2022 meeting.
“Renew Moline is pleased to announce an important partnership to redevelop this property,” said Greg Derrick, Renew Moline chairman. “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.
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 Ave project will boost new development in the heart of
downtown Moline and prove to be a true example of a public-private partnership.”
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.
Public About Renew Moline: Renew Moline, Inc. is the non-profit economic development entity planning for the future, facilitating development, connecting resources and people, and advocating for public policies and programs benefitting downtown. Renew’s aim is to realize opportunities for continued investment in and repositioning of Moline, Illinois’ riverfront as the place to live, work, play and learn
