Developers behind Trekk building rehab in Rockford may own business on the ground floor

By Kevin Haas
Rock River Current
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ROCKFORD — The developer behind plans to revitalize the former Trekk building in downtown into lofts may also own a business on the ground floor.

Oliver Emerson Development, a father-and-son team from Rockford, is considering bringing a vintage wine, spirits and cigar shop to 5,000 square feet of space at the corner of North Main and Mulberry streets. The rest of the building would house 14 lofts, four more than initially considered when the project was first discussed in September.

“We really want to make downtown a work, live and play space,” said Oliver Emerson Jr., chief development officer for Oliver Emerson Development. “They shouldn’t have to drive all the way out east or South Main to be able to get wine and spirits and cheese.”

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The business would require liquor license approval from the City Council. Emerson Jr. said they are in the early stages of considering the business, which his company would own and hire staff to operate.

“I think it will be a great asset. We’re talking about a Great Gatsby kind of look and feel,” Emerson Jr. said. “We’re exploring it as an option and talking to a few architects who could help us bring it to fruition.”

Oliver Emerson Development is planning a roughly $5.8 million rehabilitation of the Trekk building, 134 N. Main St., which was built in 1929 as the city’s first Walgreens.

The development would be aided by a $480,000 forgivable loan from the city, paid in $48,000 annual installments over 10 years if the developer meets the terms its agreement with the city to rehab the property.

Members of a City Council panel gave their OK for the loan last week. It goes to the full City Council on May 6.

Watch Factory revamp

The Trekk building redevelopment is one of two projects on the horizon in downtown for Oliver Emerson Development.

The company also plans to convert the nearly 150-year-old former Watch Factory, 325 S. Madison St., into market-rate apartments that blend into the historic character of the building.

That building could be transformed into 23 market-rate apartments during an estimated $7.3 million first phase of development.

The property would also have solar-covered parking and electric vehicle charging stations. The city would provide a $620,000 forgivable loan and a roughly $1.4 million no-interest loan from a tax-increment finance district. Those incentives are designed to fill a financing gap and make the project possible now.

“It speaks highly about our city and where our city is today, and the confidence that our city has,” Emerson Jr. said. “We really just want to be an integral part of the history of downtown.”

Both the Watch Factory and the Trekk building are owned by the city, and Oliver Emerson Development would purchase the properties. The Watch Factory building would be sold for $55,000 and the former Walgreens for $70,000.

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Emerson Jr. said both projects would move forward simultaneously this fall if the financial incentives are approved by City Council.

“First thing we’re going to do is pull for the demolition permits and really see what’s behind the walls,” he said. “Once we assess what those issues may or not be, I do believe that Key Solutions – our general contractor – will be able to deliver a safe and quick product within 18-24 months from this fall.”

This article is by Kevin Haas. Email him at khaas@rockrivercurrent.com or follow him on X at @KevinMHaas or Instagram @thekevinhaas and Threads @thekevinhaas