COLLINSVILLE — The City Council on Monday approved the sale and redevelopment agreement for the former Apex Building on Main Street.
The redevelopment plan for 100 E. Main St. will pave the way for a high-end bar and grill restaurant on the first floor and five residential lofts above it.
The building had been donated to the city -- technically, for the purchase price of one dollar, according to Mayor John Miller. Since then the city has put approximately $468,000 into safety renovations and enclosing the old building. The empty storefront property has been aggressively marketed without success, according to city officials.
Now Main Street Developers LLC will purchase the building for $486,000, which returns the city's investment. The developer is required to invest a minimum of $700,000 in the property to be eligible for any reimbursment through the downtown tax increment financing district, and then only up to the purchase price of the building.
The city will retain a lien on the property until the lofts are complete and have occupancy permits. It is estimated that the property would be worth $1.2 million, once developed.
The managing member of Main Street Developers is listed as Gregg Crawford, who Miller said was the primary redeveloper of the Main Street neighborhood in Columbia, as well as similar developments in other Illinois Main Streets.
"It's a win-win for the city," Miller said.
Contact reporter Elizabeth Donald at email@example.com or 239-2507.