Rock Island Today

Economic Growth Corp. opened Renaissance Lofts and Goldman Lofts nearly 20 years ago, and they're making the first major improvements to the developments.

"It was a big deal 20 years ago when you took a vacant, blighted structure and turned it into the 52 apartments and made that significant investment," Economic Growth President and CEO Brian Hollenback told WVIK. "It's equally as important that a project, when its tax-credit period expires, that it remains affordable."

Hollenback told the news agency that $1.5 million would be spent on new roofs for the buildings, as well as HVAC systems, windows, and tuckpointing. The buildings will have commercial space on the ground floors and 52 loft apartments upstairs.

"Starting this week, people are working on that project, and obviously the construction trades are part of the essential businesses, building permit fees, sales tax being generated, real estate taxes, of course, is always an important piece here," Hollenback said.

The projects were made possible by tax credits that have since expired. Economic Growth Corp. then bought out its other investors and became the sole owner. Hollenback told the news agency that despite many challenges that occurred due to the COVID-19 pandemic, it was of vital importance to continue to invest in the buildings, as well as affordable housing.

WVIK reported that Economic Growth Corp. received funding from the City of Rock Island and the Illinois Housing Development Authority, which made it possible for the company to become the sole owner of the two properties.

Economic Growth Corp.'s goal is to enhance the image and economic vitality of underserved communities and it strives to do this by improving housing market dynamics, making sure there is equal housing access, among other things. The company operates through various subsidiaries and is known as a national leader for innovative housing opportunities.