Peoria, IL,
11
January
2018
|
04:41 PM
America/Chicago

OSF HealthCare - Caterpillar Partnering to Develop Downtown Peoria Block

OSF to Establish New Ministry Headquarters

In a move that is hoped will rehabilitate a century-old, iconic Peoria building and help reinvigorate downtown development, Caterpillar Inc. (NYSE: CAT) and OSF HealthCare are partnering to develop the property at 124 SW Adams Street (commonly known as the former Chase building) into OSF HealthCare’s new Ministry headquarters. In addition to the Chase building, Caterpillar is donating the Peoria Professional Building, the adjacent parking lot and $3 million to OSF HealthCare for further development of amenities on the block.

Bob Sehring, CEO, OSF HealthCare
We are pleased to partner with Caterpillar on this project. From our perspective, OSF will be able to bring many of the administrative Mission Partners for OSF together in one building, improving the synergy and collaboration for our Ministry. In addition, this will help OSF attract and retain talent in Peoria and support the expansion of our Ministry in the communities we have been called to serve.
 
Bob Sehring, CEO, OSF HealthCare

To complete the development, the Caterpillar and OSF partnership will request the former Chase building be listed on the National Register of Historic Places as a contributing building within a historic district. This designation will make the building eligible for Historic Rehabilitation Tax Credits to assist OSF with restoration costs of its headquarters.

Jim Umpleby, Caterpillar CEO
Peoria is home for thousands of our employees and revitalizing this historic, downtown property will benefit them and the entire community. We will work closely with OSF to complete this important project.
Jim Umpleby, Caterpillar CEO

Planning activities are already underway and, if the historic designation is received, construction is expected to begin in late summer of 2018 and take at least two years to complete.

“The partnership between Caterpillar and OSF to bring this vital block in our downtown back to life could not have come at a better time,” said Peoria Mayor Jim Ardis. “The energy and vitality created by this project will definitely inspire others to look at our downtown and warehouse district to locate their business.”

Once complete, more than 700 OSF Mission Partners (employees) are expected to be located in downtown Peoria.

 

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