Loft Living On the Rise - FOX 18 Quad Cities News and Weather

Loft Living On the Rise

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It's going to be new life for an old building in Davenport.

The old Wonder Bread building on River Drive has sold to developer Dan Dolan for $375,000.

Dolan tells us he plans to use the 100,000 square foot space for loft apartments, commercial retail, and light industrial space with room for indoor parking.

The building has sat empty since Hostess closed the distribution center in 2010.

Dolan says it will take about a year to come up with designs and engineering for the project, but the plans are in motion.

And as that project gets off the ground, several others are wrapping up, getting ready for new tenants to move in.

In downtown Moline, the new Philips Lofts opened this year. Now, they're nearly full.

Across the street the almost complete Berglund Lofts have potential tenants for half the building.

And, in downtown Davenport, there are at least five different projects to rehab old buildings into new loft apartments, including the Peterson Paper building on Second Street.

Developers say downtown is a hot spot for its convenience and recent growth.

"Downtown, they're full. Their occupancy rates are approaching 100%," Dolan said.

"It's competitive business right now, stuff's really hot downtown," another developer, Joe Erenberger, said. "It's renting fast, people really love it, we're filling the downtown up."

Developers say available space fills up fast, and they're constantly looking at available buildings for future projects.

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