First Midwest Group acquires William Brown building in downtown Rockford
From news reports
Rock River Current
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ROCKFORD — First Midwest Group, the region’s largest real estate developer, has acquired full ownership of the historic William Brown lofts at 226 S. Main St. in downtown.
The company announced the acquisition Wednesday in a news release.
“With this acquisition, First Midwest Group becomes the owner of two of some of the most prominent residential and commercial buildings in downtown Rockford,” the news release states. “The William Brown building is significant to Rockford’s history as it formerly housed the city of Rockford offices as well as the Illinois National Bank headquarters.”
Related: $2.9M rehab project aims to bring new use to old Rockford Products sites
First Midwest Group has invested more than $1.2 million into repairs, including restoring the north and south facade, installing a new passenger elevator, waterproffing the basement and reinforcing a portion of the drive-through lane.
The building houses Minnihan’s Pub, BMO Harris Bank and 30 apartments.
First Midwest Rentals, the company’s rentals subsidiary, intends to continue improving the units with renovations such as new carpets and painting the hallways.
“This investment is the latest in First Midwest Group’s (formerly First Rockford Group) long history of redeveloping buildings and bringing businesses to the heart of downtown Rockford, dating back to the early 1990s,” the company said in a news release.
Related: First Midwest Group preps former Kmart for redevelopment
Other downtown projects
In 1993, First Rockford Group and investors spent $1 million to renovate the former Four Squires building, which was vacant for 14 years. The historic landmark was on the brink of being demolished, the company said in a news release. It’s now home to District Bar & Grill and six large rental condos could be added in the space above.
The firm also invested $4 million in 1995 into an office complex at the corner of Jefferson and Wyman streets. That building sits next to Beattie Park and is home to Hinshaw Law offices and the Rockford Area Economic Development Council.
First Midwest Group also owns the building at 326 W. Jefferson St., which it purchased in 2013. The building, which is part of the West Downtown Rockford Historic District, was abandoned for years before the company poured $1 million into the property to turn it into a mix of loft apartments and commercial space.
