08/28/2019
After a decade of sitting vacant, more than $8.6 million has been invested over a period of 11 months completely transforming the former First United Methodist Church into a new housing and commercial opportunities for those wishing to live and work in downtown Springfield. Renamed Centre @ 501, the former instructional building now consists of twenty-five residential units ranging from one to two bedrooms from 788 to 1,480 square feet. The apartments all feature large, open floor plans with rents ranging from $700 to $1,250. Residents will find affordable opportunities to live “right in the Centre of it all.”
The former sanctuary and a portion of the first floor offers prime commercial office and spec space available for lease. The Greater Springfield Chamber of Commerce and The Springfield Project recently relocated and moved its offices to Centre @ 501 in early June. The development offers prime office and spec commercial space are available, lease options include a 3,221 square foot office space with conference room and a 1,343 square foot speculative commercial suite.
The Centre @ 501 Development Team is as follows:
• Economic Growth Corporation, Developer (economic growth corporation
• O’Shea Builders, General Contractor
• Evan Lloyd Architects, Architect
• Applegate & Thorne-Thomsen, Legal Counsel
• HOME Base Property Management, property manager
Total costs for the development was more than $8.6 million and the financing that made it possible was incredibly complex. While under construction, Centre @ 501 was continually showcased as a national model on how to get the “tough deals done”—the capital stack line up without conflicting with each other was challenging in of itself. Numerous sources made the funding possible including:
• New Market Tax Credits: $2.1 Million made possible through Central Bank of Kansas City and PNC
• Federal Historic Tax Credits: $1.2 million made possible through Monarch Capital
• Illinois Housing Development Authority, State Donation Tax Credits: $1.4 million made possible by the discounted sale by former property owner, Irv Smith
• The City of Springfield, Tax Increment Financing (TIF): $1.6 million
• Debt, Illinois National Bank: $1.6 million
• Developer contribution: $520,000
“GROWTH is proud to be a part of such a major milestone for downtown Springfield. We are excited to witness how Centre @ 501 will serve as a catalyst for additional downtown revitalization,” said Brian Hollenback, President/CEO for Economic Growth Corporation. “We stand together today proud of this accomplishment that will provide fair and equal access to safe and quality housing in downtown Springfield, while providing opportunities for jobs and through the commercial space offered here that will support the downtown, the community as a whole, and possibly the entire state of Illinois given the close proximity to the State Capitol.”
