RiverStone Group Spurs New Opportunities in Donation of Property to Renew Moline
Renew Moline has accepted the donation of RiverStone Group’s former headquarters at 1701 5th Avenue in Moline. The donation was made to spur new life and economic development opportunity for the property and downtown Moline.
The building was constructed in 1956 as a JCPenney Department Store, which closed when the store moved to South Park Mall in 1972. The property includes a 35,064-square-foot building and a parking lot directly north of the building. RiverStone used the building to house about 50 employees from the late 1980s to 2019.
RiverStone Vice President Mike Ellis said “We are pleased to be able to donate a quality building to continue Renew’s track record of redevelopment success. We are excited to see what the future holds.”
“Renew Moline is grateful for the continued generosity and civic mindedness of the RiverStone Group and Ellis family,” said Renew Moline Board Chairman Greg Derrick. “Renew’s goal is to position the property as a great development opportunity. We are looking forward to bringing the building back to life adding to the vitality of downtown Moline.”
The donation of an important building downtown is not the first from the RiverStone Group. In 1989, RiverStone donated one of the city’s oldest commercial buildings (now the home of Bad Boyz Pizza) to Renew Moline. The donation ultimately made the redevelopment of the Skinner Block possible while preventing its demolition. Visitors to downtown recognize the buildings now known as “The Historic Block” as the home of Shameless Chocoholic, bars and breweries and Dead Poets Espresso as well as upper floor apartments.
Renew Moline, in cooperation with the City of Moline, will develop a redevelopment strategy to maximize development potential and enhance the 5th Avenue corridor. The organization will seek a development team to transform the property.