By Marney Simon | Bugle Staff
The city of Joliet will take another swing at a redevelopment plan for a prominent downtown property next to the Route 66 Stadium.
On Aug. 16, the Economic Development Committee head a proposal from Ball Park Commons, LLC, to revamp the 18,000 square foot building at 141 E. Jefferson St., adjacent to the Route 66 Stadium.
In May, the city initiated a statement of interest and development vision/request for qualifications (RFQ) to seek a developer at the site, after a previous proposal fell through.
After two “strong proposals” were reviewed by staff, a plan submitted from Ball Park Commons, LLC was brought to the committee.
The proposal offers a redevelopment that will include 10 to 11 upscale, multi-family units on the upper two floors of the building, with commercial use on the first floor.
Ball Park Commons submitted an estimated 12-month project schedule, budget, bank statements, conceptual drawings, and
Ball Park Commons, LLC has also indicated they will post a $25,000 performance bond, upon execution of a development agreement and returned to only after the project is completed in the timeframe allotted.
The estimated price tag to rehab the structure is $1.7 million.
The building is owned by the city of Joliet, however, the economic development team noted that selling the structure, versus making plans for redevelopment, would likely result in the building being torn down. That’s why the city has taken the lead in the redevelopment process.
“Staff is very supportive of this use for the building,” said Economic Development Specialist Derek Conley. “This is a building that was built in the 1920s. There’s a lot of investment that would have to go into the building to make it viable. It’s also been vacant for decades now, so, there’s a lot of wear and tear. There’s asbestos in the building that needs to be abated, the roof is caving in. So, it needs a lot of work So, we don’t think that we could sell this building to a developer that would look at it as viable.”
The committee briefly discussed market value of the structure versus rehab costs, but, Committee Chair Larry Hug suggested the group take it one step at a time.
“I think we’re slightly getting ahead of ourselves. Really, what you’re here for is approval of the conclusion of the search and then the right to move forward,” Hug said. “Right now, I don’t think we need to get that deep in the weeds for the details.”
The building has a seamless connection to the Route 66 Stadium, so public access would be addressed so there is no free flow of tenants into the stadium.
A sculpture of steel workers built along the side of the building will stay in place.
The building needs some serious upgrades, including a new roof, tuckpointing, removal of lead-based paint, and removal and relocation of the elevator and stairwells.
The ground floor will be divided into three, 1,000-square foot retail spaces. A signed letter of intent from an Italian restaurant to use a portion of that commercial space was also submitted with the packet to the economic development committee. That letter of intent and evidence to support the developer’s financial capability were also viewed as significant positives of the proposal.
Ball Park Commons, LLC’s managing member is Jeff Thompson. Thompson has been involved in a number of local redevelopment deals, including restoration of homes and historic buildings in Naperville, Lockport, Plainfield, and Chicago.
The committee voted unanimously to accept the proposal from Ball Park Commons, LLC, and advance the firm to the negotiation phase.
This is the second time that the city has taken a serious look at redevelopment of the site.
Plans to develop the property as the ‘Stadium Club” were abandoned last spring, after the developer told the city that the project was unable to proceed as originally planned.
In 2017, the city approved a $300,000 TIF grant for the previous developer. While TIF funding for this proposal is still being negotiated, staff noted that the new developer will likely look to utilize around the same amount.
The plan will move forward in the development phase, and then come again before the economic development committee once more before it gets forwarded to the city council for approval.