Surprise asbestos discovery during historic building restoration

Dec 7, 2009

The Forrest Block building in Davenport, Iowa is 100 years old. Restoration St. Louis has been renovating the historic building to create rental units and combination living/working spaces that would be suitable for architects, artists and other professionals who might work from home. Additional asbestos was discovered in the building that had not been found by previous environmental consultants or abatement contractors. Work had to be halted on the renovations, and the developer is now asking for a $1.8 million bridge loan from the city after Regions Bank of St. Louis put a halt on its financial commitment pending additional environmental testing.

Restoration St. Louis was also paying for the $3.5 million project with $475,000 in tax credits from the state of Iowa, but they will only be awarded the tax credits if the building is finished by December 2010. With the bank pulling its funding, the developer needs the bridge loan in order to ensure the project will be completed on time.

For the full story, go to Quad-City Times.

Latest News Stories