Springfield, IL (CAPITOL CITY NOW) – A downtown Springfield building near the Old State Capitol Plaza has a new owner.
The Springfield Business Journal reports the former PNC Bank building at Fifth and Jefferson has been purchased by real estate investor Chris Stone.
“He brought it out of foreclosure for about $1.65 million a little less than a month ago,” said Michelle Ownbey, Executive Editor, on the WTAX Morning Newswatch. “The building actually just got a big remodel. You may have noticed the dumpsters and all the activity outside there. (Department of Children and Family Services) moved in to a significant portion of the building. There’s already a law firm and another state agency in there. It’s actually 98 percent occupied now.”
Stone — in addition to being known as something of a businessman in the cannabis world — his other specialty has been buildings with the state as tenants. But, he still has one other building he’d like to see someone move in to.
“About a year ago, we reported he also had purchased that former AT&T building on South 7th Street in the downtown area. You may remember, the City Council approved a large TIF project for him — I think about $2.6 million from the Downtown TIF to renovate it. I didn’t realize he had started work on that yet, because that building is still vacant. He says he’s still in negotiations on a potential tenant for that.”
Ownbey says the Tax Increment Financing money for the former AT&T building is being paid out to Stone over five years.
The Springfield Business Journal Report airs Thursdays at 8:40 a.m. during the WTAX Morning Newswatch.
