Owner of Iconic Energy to sell historic former News Tower in downtown Rockford

Iconic had planned a massive redevelopment, but it is stepping away amid an uncertain future for solar

By Kevin Haas
Rock River Current
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ROCKFORD — The owner of Iconic Energy plans to sell the historic former News Tower building in downtown as the company looks to protect itself from an expected downturn in revenue when significant solar incentives end under the One Big Beautiful Bill Act.

Teague Dickey had been working on a multi-million dollar plan to turn the Iconic Building, 99 E. State St., into a mixed-use development with businesses, a restaurant, gym and other offices. It stopped work about three weeks ago after the Big Beautiful Bill was signed into law. Part of the bill eliminates solar tax incentives, including a residential federal solar tax credit that covers 30% of the cost of installing a system. That tax credit, which has been key to the residential solar roofing industry, ends on Dec. 31.

“It’s a very, very difficult decision for me to make, but I find that I have to put up the Iconic Building for sale — the most important building in my life, one that we’ve worked really hard on with a team of people for years now,” Dickey, president and CEO of Iconic Energy, told the Rock River Current. “I have to do it to help protect my employees and our customers for Iconic Energy.”

The building, which is owned by Dickey’s real estate group The Iconic Building LLC, will be listed for $3.65 million. It’s expected to hit the market at the end of the week. Tina Tendall of Gambino Realtors is the listing agent.

“This is something I very much do not want to do, but we’ve already seen and felt the impact of the bill’s passing, and it seems to just hit home and get stronger and worse,” Dickey said.

Iconic Energy employs 33 people and has more than 2,000 customers in the Rockford area. Dickey said they have roughly 150 projects on the schedule, but they’ve already seen a reduction in demand since the bill’s passage.

The Solar Energy Industries Association, an industry group that advocates for U.S. solar, has said the end of the tax incentives put 13,900 jobs at risk in Illinois and could lead to 330,000 jobs lost across the country. It released those estimates while lobbying against the bill earlier this year.

“What’s most important to me is my employees, my team and our customers, and I’ve got to protect that at all costs,” Dickey said. “I made a commitment to all of our existing customers and all of our future customers that we’re going to be here to take care of their systems.”

Dickey said the redevelopment of the former News Tower would benefit the company, but it also comes with a substantial upfront investment and risk. He said he has to prioritize the core of Iconic Energy’s business.

Iconic Building LLC purchased the property in 2021 from Gannett, the parent company of the Rockford Register Star, for $1.7 million. The eight-story Art Deco-tyle tower was designed by Jesse Barloga and built in 1930. It was modeled after the Tribune Tower in Chicago.

Iconic Energy has already done extensive work on the property to prepare it for new uses. The company completed interior demolition, asbestos removal and installed a new roof with a solar panel system on top. It also removed, refurbished and reinstalled the historic lantern and spire atop of the tower.

Dickey said architectural, mechanical, electrical and civil plans are complete and ready to be turned in for permit review.

“We’ve spent a lot of time and money preparing the Iconic Building for a successful buildout,” he said. “The wheels are ready to take off, and it is truly ready for significant investment and really be a huge positive impact in downtown Rockford.

“I’m not able to take that next step, that further risk, because I have to protect our employees and our customers as well.”

Iconic Energy will continue to operate out of its headquarters on American Road in Rockford.

Rever’s Marina

Dickey also owns and has planned a redevelopment of the former Rever’s Marina building at 220 Water St., a short distance from the Iconic Building.

He said he’s still weighing a decision on that property, which was purchased through Skinny Dip Inn LLC for $300,000 in July 2024. The company has been working on redevelopment ever since.

“We’re actively working on it daily,” Dickey said. “My heart wants to … but I don’t know how difficult things are going to be for this energy industry and for how long.”

The five-story building, which was condemned in 2019 over code violations, is envisioned as future loft apartments, offices and a dockside dining venue.

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