Sterling Today committed to preserving historic downtown building

STERLING – When Rock Island’s Economic Growth Corp. began working with the city on the recently completed Lawrence Lofts, the nonprofit was involved in the preliminary stages of another downtown project.

Plans called for a mixed-use redevelopment of the Mercantile Building at 117 W. Third St., in which Rock Island Growth could again use its expertise in putting together complex financing for downtown housing projects.

The project was named Mercantile Lofts, but plans never were finalized. The initial plan called for bringing commercial tenants into the first floor, and putting apartments on the second and third floors.

The project is still alive, but local economic development nonprofit Sterling Today is working on it without Rock Island’s help. Workers have been at the site, but Sterling Today says only general exterior work is being done, and the future of the building isn’t etched in stone.

“Commercial and residential has always been in the plans for the building, but we haven’t committed to anything,” said Janna Groharing, executive director at Sterling Today and Sterling Main Street.

Basic renovations, such as tuck-pointing and windows, are being done, so the huge first floor can be marketed to prospective commercial tenants, Groharing said.

“Given the size of this building, there could be one to five businesses on the main floor,” she said.

Along with some of the recent cosmetic upgrades, the historic building across the street from County Market and most recently home to an antique mall, has been given a name – it is now known as The Mercantile.

Mary Benson, a Sterling Today board member, strongly believes the building is a treasure that should be an important part of a revitalized downtown.

“This is such a beautiful building with quite a history,” Benson said. “We have been working with architects for a while now, getting opinions and drawings.”

The Lawrence Lofts project was Sterling’s first concerted effort to bring a strong residential component to the downtown. While that $5.5 million venture offers affordable housing, Sterling Today said this building provides an opportunity to mix it up and perhaps bring an upscale living option to the city center.

“The inside of this building is spectacular – the tall windows, exposed brick walls and hardwood floors,” Benson said. “We aren’t putting windows in the back yet because we could eventually build balconies with a river view.”

Benson didn’t have an estimate on the project, but said it would be very expensive, making it necessary to do it piecemeal. A focus on preserving the building’s historical integrity also calls for a more measured approach.

Winter Construction of Freeport, a firm that has experience in working on historic buildings, was hired to do the exterior work.

While Economic Growth Corp. was able to put together a complex tax credit-laden financing package for Lawrence Lofts, it wasn’t deemed feasible for The Mercantile. At one point, it was hoped that work on both developments could be done simultaneously to save money on construction costs.

“Some of the funding sources used for Lawrence Lofts had dried up and we just couldn’t get the numbers to work,” Benson said. “It’s probably just us doing the work in steps.”

While the end result is subject to change, Sterling Today is committed to preserving the building for some type of future development.

“We could still pursue residential development without Rock Island, but if maintained, this is a blank canvas that can be developed into whatever is available to better the downtown,” Sterling Today President Dan Hawkins said.

The building had once been a clock factory, but is perhaps best remembered as home to Fred Boese Floor Coverings from 1946 to 2007.

STERLING TODAY'S LAWRENCE LOFTS FUNDING

Sterling Today also played an important role in the Lawrence Lofts redevelopment project. The local economic development nonprofit helped Economic Growth Corp. with predevelopment expenses, contributed a $50,000 grant to guarantee that two units will be available for very low-income households, and provided a $100,000 facade grant for for work on the building's exterior.