A local development group is getting exclusive rights to purchase the historic Madison Theater and adjoining city-owned parking lot.
The city of Peoria and Comfort family say they’ve entered into the formal negotiation process for the two properties with NXG Developments. The investment team wants to completely renovate the Madison and construct a multi-story mixed-use structure at the corner of Madison Street and Hamilton Boulevard. Chris Setti is the Assistant City Manager of Peoria. He says determining the price of the sites is a key variable in the overall project.
"Before you worry about how much does it cost to renovate (or) how much does it cost to build this addition, is how much is it going to cost to actually buy this property. So that's really the first step that we're taking here. Once we can kind of figure out what that first variable is or once they figure (it) out then they can figure out all of the other details that come behind that."
The investment group, headed by Katie Arnholt Kim and Jim Grube, also has put together a professional project team to assist in the formal assessment process.
NXG has 90 days to negotiate a price for both properties. The sale of the parking lot is subject to city council approval.