Asbestos discovered in century-old Iowa building
In Davenport, Iowa, the discovery of unexpected asbestos in the Forrest Block building is causing the developer to seek a $1.8 million bridge loan from the city to complete their project. The developer, Restoration St. Louis, was working on the century-old building in October, but was forced to stop work when asbestos was uncovered that had not been previously detected by either the city-hired Stanley Consultants or Restoration St. Louis' environmental abatement contractor.
The removal of asbestos is important, but is often time-consuming due to federal mandates that are in place to regulate the handling and disposal of asbestos. Exposure to asbestos is often linked to the development of mesothelioma. This rare form of cancer affects less than 3,000 Americans each year. Sadly, despite treatments like chemo, mesothelioma remains incurable. The average patients suffering from mesothelioma lose their battle with this cancer in less than two years following diagnosis.
The building has been vacant for many years, and the developer was hoping to turn it into 22 apartments; a project that would likely cost $3.5 million project. When asbestos was uncovered, the bank backing the project pulled out pending further environmental testing, according to Alan Guard, the city's finance director.
Guard says that because the project is funded in part by the city, the building has a strict deadline for completion in December 2010. "This is a timing issue," Guard said. "This is a company that can get this done and they have the financial wherewithal to make sure the city gets paid."
Fifth Ward Alderman Bill Lynn said, "We're not a bank...On the surface it looks good. But we can't loan private companies money incessantly."
Seventh Ward Alderman Barney Barnhill said "That building will be an anchor in that area and a real architectural gem...We know Restoration St. Louis is a good firm. I feel comfortable with the bridge loan."
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