DAVENPORT, Iowa (KWQC) – TWG began construction Wednesday on Federal Point, a $39 million workforce housing property in Davenport.
Federal Point is being built with the aim to address the shortage of affordable housing in Davenport and the QuadCities, TWG said in a media release. 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.
TWG said 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.
“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 is set to be a four-story, 185-unit development built west of the new R. Richard Bittner YMCA, located at 450 LeClaire Street, TWG said. 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.
TWG said it will include amenities like a fitness room, bike storage, an outdoor patio, and more.
Construction is expected to be completed by Dec. 2023, TWG said.
TWG a national real estate development company specializing in commercial, market rate, affordable and senior housing developments, has developed eight different projects statewide, with most projects deemed affordable, TWG said. 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.
TWG said to learn more about the company and its properties, visit www.twgdev.com.
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