126 South Main Street, Galena, IL
Units: 18 Residential Rental, 1 Commercial
$1.8 Million Investment
After four years of persistence and hard work, GROWTH proved itself as a mission-driven developer with the completion of Coatsworth Apartments located at 126 S. Main St., Galena, IL.
Coatsworth Apartments is located in the old Grant family tannery store on historic Main Street in the heart of downtown Galena, IL. The process took nearly four years, and involved GROWTH and its development team consisting of GROWTH’s Multifamily Department; subsidiary companies Growth General Contracting and Home Base Property Management as general contractor and property manager; and Applegate & Thorne-Thomsen as legal. It is through the stellar work of this development team that successfully worked out a complex financing structure with multiple parties resulting in saving, preserving, and improving the building as long-term affordable housing all while reducing the property’s utility costs, and without raising rents for its existing 18 residents in a great location.
GROWTH served as developer, GROWTH General Contracting LLC as general contractor, Baranski Hammer Moretta & Sheehy as architect, Applegate & Thorne-Thomsen as legal counsel, and HOME BASE Property Management as property manager.
Interesting Fact: Coatsworth Apartments is located in the old Grant Family tannery, owned by the father of U.S. President Ulysses S. Grant, the 18th President of the United States, who worked there for a short time.
Above: Ribbon cutting with Nick Brunick, Applegate & Thorne-Thomsen, Coatsworth residents and City of Galena officials in October 2018.
GROWTH’s general contracting company, Growth General Contracting LLC replaced aged HVAC systems to make the building more energy efficient, installed new flooring in common areas, made some interior updates, repaired the building’s masonry, built a new outdoor pergola for residents, and painted the exterior.