Developers Propose $ 10M Investment in Downtown Hotel, Bringing New Office to Quincy | Local News
QUINCY – Local developers are offering to invest $ 10 million in renovating the old Illinois State Bank building at 531 Hampshire in hopes of converting it into a boutique hotel.
The tanning companies, co-founded by Ryan Jude Tanner and Jay Krottinger, recently purchased the Elkton Hotel building and reopened the Patio Restaurant and Lounge. The company is now considering purchasing the old seven-story bank building, but is asking the city for a contribution of $ 500,000 in tax increase fundraising before the acquisition.
Quincy’s Director of Planning and Development Chuck Bevelheimer said it would be the biggest private redevelopment investment from either of the city’s TIF accounts.
The city’s investment will be used to provide secondary access to the building and install sprinkler systems. Bevelheimer said the deal is structured so that TIF funds are paid upon completion of the project.
“We are trying to help this development while also addressing public safety issues for the property,” Bevelheimer said.
Bevelheimer added that the hotel would have between 25 and 30 rooms. There are also plans to develop a restaurant on the first floor, a rooftop bar and a conference space.
The tanning companies also announced on Saturday that they will be opening a new office in downtown Quincy, serving as the company’s second location to cope with rapid growth. The new office will be located at the Elkton property.
Tanninger Companies is a multi-industry company with a portfolio spanning healthcare, entertainment, hospitality, e-commerce, and commercial and residential development. The Quincy office will serve as the second headquarters for the parent company as well as the marketing office for Tanninger Sciences, a subsidiary specializing in biomedicine and telemedicine. The subsidiary’s flagship product focuses on the use of robotic technology for hip and knee replacements.
“The decision to expand our presence in downtown Quincy was a logical step in our business growth strategy,” said Tanner. “Given Quincy’s vision for the Sixth Street Corridor, thriving downtown and waterfront projects, we see potential for long-term growth in our hotel and business development as well as in our healthcare interests. .
According to Tanner, Quincy’s new office is expected to create around 50 new jobs.
A resolution authorizing the spending of FIT funds for the State Bank of Illinois building will be considered at Monday’s city council meeting.
According to the city’s 2022 tax budget, the city’s two TIF funds held around $ 1.8 million at the start of the fiscal year and are expected to generate around $ 590,000 in new tax revenue by April 2022.
The municipal council meeting will take place at 7:00 p.m. at Quincy Town Hall, 730 rue Maine.