While federal tax credits are established and work continues in OSF HealthCare’s proposed downtown Peoria Ministry Headquarters, expansion is already in place.
OSF HealthCare, the City of Peoria, and Caterpillar have announced an agreement for OSF to acquire Caterpillar Building LD at 330 SW Adams St., between Liberty and Harrison Streets. The sale is contingent on a signed agreement and property due dilligence.
“That will give us an opportunity to bring more Mission Partners downtown to really continue to look at helping revitalize the downtown area,” said Bob Sehring, OSF HealthCare CEO.
“What I really see as an opportunity for downtown is sort of an innovation corridor along Adams which really will connect not only our properties, the Peoria Innovation Hub, but potentially Bradley, ICC, taking it all the way over to the other side of the river and, again, creating that opportunity for innovation which is critical for the ongoing vitality of Peoria,” Sehring said.
Details about the plans for the building are still preliminary and OSF HealthCare says they will be shared in the future. But, the plans will include several hundred additional OSF employees, or Mission Partners, working in downtown Peoria. More than 700 employees are expected to be located in the new downtown Peoria headquarters in the former Chase Building, 124 SW Adams St., once that project is completed by 2021.
Additionally, it was announced the City of Peoria will acquire the 450 parking spaces owned by Caterpillar in the One Technology Plaza parking deck, 221 Fulton Street. OSF will enter into a master lease agreement with the City for parking spaces to meet the needs of the downtown employees. According to a proposed agreement to be placed before the Peoria City Council, the agreement could also extend to available parking in the Niagara and Jefferson Street city-owned parking decks downtown.
A redevelopment agreement and parking lease are pending City Council approval during its next meeting Tuesday. The sale of Caterpillar’s portion of the One Technology Deck and Building LD will occur within 60 days.
“With that many mission partners coming downtown we needed a place to park so we’ve been working closely with the city these past months and we have come to agreement on an opportunity for space for those mission partners in the new Ministry headquarters,” Sehring said.
Sehring said the work continues on the renovation of the former Chase Building, donated to OSF HealthCare by Caterpillar in January 2018.
OSF HealthCare has received federal approval of renovation plans from the National Parks Service which will make the former Chase building eligible for Historic Rehabilitation Tax Credits. That, coupled with previously announced State of Illinois Historic Tax Credits, is allowing work to continue. Interior demolition has been completed.
“We had a little bit of a glitch earlier in the year with the shutdown of the federal government which impacted our ability to get the Parks Service to approve our plan,” Sehring said. “But at this point we do have that approval, we are moving forward with that, and we’re continuing to look forward to moving into that building later on in 2020.”