Office Development Underway in Davenport

DAVENPORT, IOWA-The first new multi-tenant office building Downtown Davenport has seen in more than 20 years broke ground this month. Scheduled to open at West 2nd and Harrison streets in May 2004, the 90,000-sf Mississippi Plaza is about 70% pre-leased to two tenants.

The $14.3-million project is being developed by Ryan Companies, which is the primary investor in the LLC that will own the six-story building. Ryan Companies’ VP of Development Rick Collins tells GlobeSt.com a construction loan has not yet been obtained, adding it is “not usual for us to kick off development with our own resources when we are comfortable financing will be achieved.”

The two anchor tenants, relocating from existing buildings in Downtown Davenport, are Lee Enterprises and RSM McGladey. They will occupy a total of 62,000 sf in the building, representing a net expansion of 6,000 sf from their existing commitments, says Collins, who expects to land more pre-lease tenants before the building is completed. The pro forma for lease-up is 12 to 18-months from occupancy.