A Rockford, Illinois based developer says he wants to save Danville’s Bresee Tower. Justin Fern, owner of Urban Equity Properties, says his company wants to turn the downtown structure into 33 luxury loft apartments, on floors two through 12. And Fern adds he hopes to save the building even though Danville’s Historic Preservation Commission has already voted to remove its historic designation – something that clears the way for the city to proceed with plans to demolish it.
Fern drove to Danville Friday (March 31st) to get a firsthand look at the building’s exterior. Although he has not been inside of it, Fern says he has had his eye on Bresee Tower for a long time. He says Urban Equity has done their due diligence, and Bresee Tower can be rescued. Fern says, that’s what Urban Equity Properties does; taking the worst buildings in cities, sometimes abandoned over 50 years, and giving them a new life.
AUDIO: And I can tell you, just by our exterior examination, that whatever condition the interior may be in, it’s completely savable. I know for a fact; since this building is still standing tall, with some terracotta issues; but completely, again, restorable; that we could convert it to apartments.
Fern estimates it would cost around $14 million dollars to renovate the building, with the actual work taking perhaps 18 months. He adds that for part of the funding his company would seek both state and federal tax credits. Fern says Urban Equity Properties has projects in other Illinois cities including Rockford, Aurora, Elgin and Bloomington; and they could do it in Danville too.
AUDIO: So if you look at our history, you’ll see this is what we do every day. We’re actually the largest user of the state’s historic tax credit in the state of Illinois. So we understand the programs better than anyone. We utilize all the programs for historic buildings.
Fern added he thinks there is a market for luxury apartments in Danville; partly because of the new jobs coming with the Golden Nugget Casino. He says this would mean construction jobs, permanent jobs afterwards, and making Bresee Tower the best building in the city, as well as getting it on the permanent tax rolls.
