FEDERAL POINT WILL AIM TO SERVE DAVENPORT RESIDENTS AMID LOCAL AFFORDABLE HOUSING CRISIS
Davenport, IA — TWG (www.twgdev.com), a national real estate development company specializing in commercial, market rate, affordable and senior housing developments, today announces the beginning of construction on Federal Point, a $39 million workforce housing property for the Davenport, Iowa community.
Federal Point is a four-story, 185-unit development to be built west of the new R. Richard Bittner YMCA, located at 450 LeClaire Street. All units, including studio, one-bedroom, and two-bedroom apartments, will be reserved for individuals who earn at or below 60% of the area median income (AMI).
Federal Point will aim to address the shortage of affordable housing in Davenport and the QuadCities. Recent local reports reveal a gap of 6,645 units needed to meet the community’s housing needs. Rental prices have also increased, making it harder for individuals to afford quality housing.
WE MUST CONTINUE TO DEVELOP AND CONSTRUCT NEW WORKFORCE HOUSING PROPERTIES THAT ARE AFFORDABLE, NOT ONLY IN COMMUNITIES LIKE DAVENPORT BUT NATIONWIDE,” SAID GRAHAM PARR, DEVELOPMENT ANALYST AT TWG. “WE ARE GRATEFUL FOR THE OPPORTUNITY TO CONTINUE TO EXPAND OUR PRESENCE IN THE STATE OF IOWA AND HOPE FEDERAL POINT WILL HAVE A TRANSFORMATIVE IMPACT ON THE COMMUNITY.
Federal Point was created in coordination with the local YMCA to maximize the opportunity of the site and provide a single, connected community for the block. It will include amenities like a fitness room, bike storage, an outdoor patio, and more. Construction is expected to be completed by December 2023.
TWG is one of the largest developers in the Midwest and has a strong presence in Iowa. It has developed eight different projects statewide, with most projects deemed affordable. This includes Lillis Lofts, an affordable housing community that opened in December in Urbandale and Annex on the Square, which recently broke ground in Cedar Rapids.