The address for the property is 31 East High Street and the Turner Foundation is working with developer Dillin LLC to make the project happen.
In addition to renovating the McAdams building, a five story 15,000 square foot addition will be constructed as well that will also house apartments, according to current plans regarding the development.
The project aims to create about 80 apartments as well as create enough street-level space to house two restaurants and two to four small shops, said Larry Dillin, the head of Dillin LLC.
However, that exact number of apartments that will be constructed is still being determined. Though the target is to create 80 apartments, the project may see more than that or as few as 60 apartments, according to Dillin and Daren Cotter, with the Turner Foundation.
The exact cost of the project are still being determined, but Dillin said it will be around $20 million. The goal is for some of those apartments hit the market in 2023, he said.
The project has been in the works for at least four years as the Turner Foundation looked for and worked with different developers.
Previous plans ranged from building up to 36 and 56 apartments as well as adding on to the building or constructing a 20,000 square foot addition.
Renovations slated to began in 2020 were postponed after a potential developer for the project pulled out, citing concerns over the return investment on the property.
The scheduled renovations were expected to cost around $10 million to $12 million depending on the number of apartments created and what amenities they would include.
“That is part of this process. We are not giving up,” John Landess, the Turner Foundation’s executive director, said at the time.
But with Dillin working on the project now, the idea is to create more apartments, construct an addition to the building and create retail space.
Design work for the project is still happening.
The Turner Foundation previously received up to $2 million in historic state tax credits for the project.
That money can still be used as construction is slated to start next year.
Springfield City Commissioners also recently approved an allocation of $1.2 million in order to aid several downtown residential development projects, including the renovation of the McAdams building.
The ordinance that commissioners approved during their public meeting on Oct. 12 will allow for the contribution of those funds to the nonprofit SpringForward, that provides financial support to revitalization efforts.
Another project that would receive those funds is one that would turn a parking lot near City Hall into an apartment building that would offer 48 units.
However, the details of that project are still being worked out and costs as well as planned construction date are still being determined, said Ted Vander Roest, the Executive Director of the Springfield Foundation.
Springfield City Manager Bryan Heck said that SpringForward is working with several developers in the city to bring market grade apartments to the downtown.
Heck said the investment of public dollars by the city is needed to help those projects move forward.
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