Springfield Urban Redevelopment
501 East Capitol Avenue, Springfield, IL
Units: 25 Residential Rental, 2 Commercial
$8.4 Million Investment
The First United Methodist Church at 501 E. Capitol Ave. in downtown Springfield was acquired by GROWTH in July 2017, when the Springfield Urban Redevelopment LLC became a wholly-owned subsidiary of GROWTH, and GROWTH became sole developer.
The development is undergoing stabilization efforts while working on its financing and tax credit due diligence. The property has remained vacant since 2008.
The $8.4 Million mixed-use project consists of 25 units of residential housing and first floor commercial space.
Other members of the development team are O’Shea Builders as general contractor, Evan Lloyd as architect, Applegate & Thorne-Thomsen as legal, and HOME BASE Property Management as property manager.
Above: Development site at 501 E. Capitol Ave. in downtown Springfield, IL.
Below: GROWTH presents development project update to Springfield stakeholders.