Big developments coming to downtown Quincy
Wed, 27 Oct 2010 22:52:03 GMT —
Downtown Quincy is also getting a big investment through several big projects.
In all, it'll be an investment of almost $45 million.
The city recently learned that two projects have been approved for tax credits through the Illinois Housing Development Authority.
One of the projects is a $12 to $13 million renovation of the old Newcomb Hotel.
It'll be a 65 unit assisted living facility.
The other one is a senior housing complex that will be built on the north side of Vermont Street between 3rd and 4th streets.
This is an artist rendering of what the 65 unit building will look like.
Chuck Bevelheimer told KHQA a developer came to town and thought the location would be the perfect place because it's between the Adams County Health Department and the Salvation Army's Kroc Center.
The Planning Department will have to review the plans.
"As I understand it, they will both move forward with locking in their financing now that they have a piece of the financing puzzle put together. It makes securing the rest of the financing much easier," says Bevelheimer.
Bevelheimer says add these two projects to the construction of the 48 unit complex currently being built at the old Franklin Square, and downtown Quincy will see a significant investment, and room for future growth.
When all three projects are done, it'll add about 250 new places for people to live.
That could mean other restaurants or shops may move into the downtown area.
Construction on the Franklin Square project is going fast, and should be open by spring.
Another project in the works for the downtown area is the condos that were started a few years ago.
Chuck Bevelheimer tells me the city and the developers have been talking and trying to figure out how to make the project work.
Bevelheimer says those developers have already made a significant investment in the project, but finding financing for housing projects is still pretty tough.
At this time, he has no news to report, but still remains hopeful that the project will come to fruition.