Managed and majority owned by Rodney Blackwell, Financial District Properties (FDP) develops, manages and owns properties that are primarily located in the Midwest. These properties are located primarily in Moline, IL; Rock Island, IL; Davenport, IA and Waterloo, IA. FDP owns, manages, maintains and leases over $150 million of real estate.
FDP has a history of working in partnership with local governments to expand city development efforts and contribute to the municipality’s long-term economic plans. FDP utilizes unique funding sources including new market tax credits, historic tax credits, brownfield grants, HUD insured financing, syndication financing, as well as conventional mortgages and bonds. FDP has a strong commitment to utilizing energy-efficiency and sustainability in its building designs and development projects. Some techniques it has employed include solar panels, low VOC coatings, adhesives and sealants, bamboo paneling, and the use of recycled materials. FDP has more than a decade long relationship with Ryan Companies and has used them as the contractor on the majority of their construction projects.
Development Projects Past & Present
In 2010, FDP closed on the $40 million KONE Centre project, a mixed-use 8 story building which utilitized $30 million in NMTC allocation coupled with Midwestern Disaster Relief Bonds. At the time, it was the first and only occurrence of these funding sources being utilized jointly. The project was the first ever LEED Platinum core and shell building in the state of Illinois.
In May 2015, FDP finished the $17 million Union Arcade project, converting a hundred year-old commercial office building in downtown Davenport into 68 market rate apartments. The building employed historic tax credits and maintained historic building features and standards. The building was at 97% occupancy within two months after construction completion. This building was backed by HUD financing and has been nominated for a J. Timothy Anderson award, for excellence in historic rehabilitation, and a Design Build Institute of America award in the DBIA Renovation Category. (www.unionarcadedowntownliving.com)
Other development projects include the $40 million transformation of a former Deere warehouse on the TechWorks campus in Waterloo, IA into a 180 unit hotel, John Deere training center and a III Forks restaurant. The hotel will be adjacent to the recently opened John Deere Tractor & Engine Museum. FDP is also developing the Machinery Row project in Racine, WI which will convert river-side industrial buildings into a mixed-use development including retail and residential units. This project, expected to be between $40 and 65 million, is part of the Root River Corridor Redevelopment Plan called RootWorks.