Water Street Flats to Bring 140 Units to Downtown

The historic marina site will transform into a luxury loft building with ground-floor retail by the fall of 2029.

Updated on Oct. 25, 2026 in Commercial

Screen-print poster illustration of a historic brick warehouse by a river, evoking the architectural renewal project in Rockford. — Urban Equity Properties will begin a $25.8 million redevelopment of the historic Rockford Wholesale Grocery Company building this year, adding 140 residential units. AI Illustration. Upload story photo >

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Do you support converting historic local buildings into luxury residential and commercial developments in your area?

Urban Equity Properties plans to transform the former Rever's Marina into the 48,800-square-foot Water Street Flats, a mixed-use residential and commercial project in downtown Rockford. The $25.8 million development will add 140 new living units to the downtown area when completed in fall 2029.

Why it matters

The project aims to revitalize the Rock River riverfront by converting the historic 1909 industrial building into modern, market-ready apartments and a ground-floor pub. This redevelopment continues a local trend of updating aging infrastructure to meet the demand for downtown residential space.

The $25.8 million Water Street Flats project at 220 N. Water St. will feature 48,800 square feet of space including 140 new residential units. Monthly rents are projected between $1,600 and $1,800 for the luxury lofts.

The players

Urban Equity Properties

A local developer specializing in the conversion of historic downtown buildings into market-ready residential and commercial spaces.

Rever family

The former owners of the marina property located at 220 N. Water St. since 1964.

Teague Dickey

The owner of Iconic Energy who is selling the property to the developers.

The details

Urban Equity Properties will utilize Tax Increment Financing District advantages and historic area tax credits to convert the 1909 former Rockford Wholesale Grocery Company building. The redevelopment plan includes 48 luxury loft apartments on the upper floors and a 6,000- to 7,000-square-foot Irish pub on the ground level. Exterior improvements will incorporate the building's riverfront location with more than 80 parking stalls.

1909: The original building at 220 N. Water St. was constructed.
1964: The Rever family purchased the future marina property.
March 2020: The site appeared on the television program American Pickers.
Early 2027: Urban Equity Properties is scheduled to purchase the site.
Fall 2029: The projected completion date for the new residential complex.

The Home Front

This redevelopment project follows the established pattern of utilizing Tax Increment Financing District advantages to renovate historic downtown structures. It reflects a broader local effort to convert aging industrial assets into high-density residential housing for riverfront activation.

Prospective renters looking for downtown housing should track the project timeline as the 2029 completion date approaches. Residents should monitor local tax assessments near the Rock River area to see how the addition of these new residential and commercial spaces impacts neighborhood valuations.

The takeaway

The Water Street Flats project highlights the ongoing shift toward luxury residential conversion in downtown riverfront corridors. Interested observers should monitor the project's construction progress for potential impacts on downtown parking availability and neighborhood property values.