Upscale lofts, high-end bar & grill coming to Uptown Collinsville
Courtesy of: Roger Starkey - The Metro Independent
A developer with a history of rehabilitating Southwestern Illinois main street properties will soon start a project in uptown Collinsville.
The Collinsville City Council voted Monday to approve a redevelopment agreement with Main Street Developers LLC, of Columbia, Illinois, on the historic Apex Building, located at 100-102 Main Street. The second floor of the building will be converted into five upscale lofts. The main floor will house a high-end sports bar and restaurant.
The terms of the redevelopment and sales agreement call for the City to sell the building for $468,000 to Main Street Developers. The City will later reimburse the developer the same amount.
Main Street Developers must incur redevelopment expenses of at least $700,000 as part of the agreement. The project is estimated to be worth $1.2 million at completion. The City will hold a lien against the property, in the amount of the purchase price, until residency permits are issued for the lofts.
The sale and reimbursement amount is equal to the amount of money the City has invested in the property since it was donated to the City about two years ago, Uptown Coordinator Leah Joyce said. Some of the work completed at the property was the demolition of an adjacent building at the rear of the Apex Building, asbestos abatement, a new roof, subfloors on both floors and the addition of a moisture barrier in the basement.
City records indicate that the property was aggressively marketed for two years and this was the best deal the City could obtain. The arrangement is better for the City than if someone had bought the building outright and been granted all tax increment finance funds for which they would have been eligible, Joyce said.
Gregg Crawford, of Main Street Developers, said he owns many similar mixed use building in Southwestern Illinois, including 16 properties on Main Street in Columbia, Lofts on Lafayette in Millstadt and Tavern on Main in Belleville. Crawford began developing the luxury loft, high-end bar and restaurant model in Columbia, he said. After enjoying success with the model, he took it to Millstadt and Belleville. This will be Main Street Developers first project in Collinsville.
Crawford and his partners – Scott and Jim Jacob of Fairview Heights – have researched the Main Street location and are confident the lofts and restaurant will be successful. “We really think Collinsville is primed for this kind of building,” Crawford said.
The lofts are scheduled for completion in the spring. Crawford said he is targeting an opening around July 4, 2014 for the restaurant.
When completed, the lofts and restaurant will have hardwood floors and granite countertops. The one and two-bedroom lofts will likely rent for $750-1100 per month. Crawford could not provide details about the planned the restaurant, but likened it to Tavern on Main in Belleville.
Originally built by the American Brewing Company in 1899, the Apex building was designated a historical landmark in 1996. It has also been known as the ABC and Kneedler building and has been home to a drug store and soda fountain, bar and ladies’ apparel store, among other things.
During the rehabilitation process, the City had considered tearing it down, but determined it was better for the City to have the structurally sound building standing rather than a gaping hole on Main Street, Joyce said.