Centre @ 501
SPRINGFIELD, IL 

501 East Capitol Avenue, Springfield, IL 
Units: 25 Residential, 4 Commercial  
$8.6 Million Investment 
After a decade of sitting vacant, more than $8.6 million has been invested  completely transforming the former First United Methodist Church at 501 E. Capitol Avenue into new housing and commercial opportunities for those wishing to live and work in downtown Springfield.

Renamed Centre @ 501, the former instructional building now consists of twenty-five residential units ranging from one to two bedrooms from 788 to 1,480 square feet. The apartments all feature large, open floor plans with rents ranging from $700 to $1,250. Residents will find affordable opportunities to live “right in the Centre of it all.”
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The former sanctuary and a portion of the first floor offers prime commercial office and spec space available for lease. The Greater Springfield Chamber of Commerce and The Springfield Project recently relocated and moved its offices to Centre @ 501 in early June. The development offers prime office and spec commercial space are available, lease options include a 3,221 square foot office space with conference room and a 1,343 square foot speculative commercial suite.
 
The Centre @ 501 Development Team is as follows:
  • Economic Growth Corporation, Developer
  • O’Shea Builders, General Contractor
  • Evan Lloyd Architects, Architect
  • Applegate & Thorne-Thomsen, Legal Counsel
  • Home Base Property Management, LLC property manager

Total costs for the development was more than $8.6 million and the financing that made it possible was incredibly complex. While under construction, Centre @ 501 was continually showcased as a national model on how to get the “tough deals done”—the capital stack line up without conflicting with each other was challenging in of itself. Numerous sources made the funding possible including:
  • New Market Tax Credits: $2.1 Million made possible through Central Bank of Kansas City and PNC
  • Federal Historic Tax Credits: $1.2 million made possible through Monarch Capital
  • Illinois Housing Development Authority, State Donation Tax Credits: $1.4 million made possible by the discounted sale by former property owner, Irv Smith
  • The City of Springfield, Tax Increment Financing (TIF): $1.6 million
  • Debt, Illinois National Bank: $1.6 million
  • Developer contribution: $520,000
"The Centre at 501 project was incredibly complex from a financing standpoint, and I'm not sure that Springfield could have successfully saved this historic old church without the expertise of, and team assembled by, Economic Growth Corporation. It's the first downtown project in a long while to include affordable housing options. And the apartments and offices are tucked inside such beautiful architecture which really anchors the intersection with sight lines to the state capitol and Governor's Mansion. This project was truly a victory in the battle to save our historic properties downtown." 
Lisa Clemmons Stott
Executive Director of Downtown Springfield Inc.
 

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Centre @ 501 received "Best Overall Renovation" by the Downtown Springfield, Inc on January 16, 2020. Award nominees were recommended by the public and determined by a panel of DSI Past Presidents and active members and recognized the people and places making the most impact on the neighborhood in calendar year 2019.
Above: Development site at 501 E. Capitol Ave. in downtown Springfield, IL. The State Capitol is located three blocks from the Centre @ 501.

Below: Ribbon Cutting celebration was held on June 28, 2019. The ribbon was cut by (pictured left to right): George Dinges, Development Services Group, Chris Hembrough, President/CEO for The Greater Springfield Chamber of Commerce, former owner Irv Smith, U.S. Senator Dick Durbin,  Representative Sue Scherer, and Brian Hollenback, President/ CEO for Economic Growth Corporation.