‘Unique’ development in Block 3
Urban Equity Properties, LLC, closed on the purchase of 324-330 E. State St., Tuesday, Feb. 19, from long-time owner Dennis Clement. UEP President Justin Fern said he plans state-of-the-art, market-rate lofts for the upper floors and a restaurant with an accordion storefront that will be very unique. (Urban Equity Property, LLC, photo)
By Frank Schier
Editor & Publisher
Get ready for the unique in East State Street’s Block 3.
Tuesday, Feb. 19, Urban Equity Properties, LLC, (UEP) acquired 324-330 E. State St. for redevelopment. The property is the former home of the Surf Lounge, and now Bar 3 and Damon’s Print Shop. UEP’s other projects include a 2009 million-dollar renovation of lofts and storefronts at the old Minglewood Building, 317-325 W. Jefferson. In 2010, UEP purchased the Adriatic/MSII Graphic Building at 327 W. Jefferson. UEP recently completed a $500,000 renovation of the old American Café, now Salvage by Sonya, Angelic Organics, and Cool Chicks Aerobics with two residential loft apartments on the second floor at 110-112 N. First St. UEP has also purchased 130-136 N. First St., and plans to do a complete historical renovation in May of this year. In 2008, UEP purchased the well-known art gallery and lofts at 317 Market St. UEP also owns various residential properties in the Signal Hill Neighborhood of Rockford and several commercial properties in Chicago and Chicago suburbs.
Urban Equity has leased back Bar 3 and Damon’s Print Shop to the former property owner, Dennis Clement, for the remainder of the year.
“Bar 3 and Damon’s Print shop will remain open until we begin our renovation in January of 2014,” said Fern, president of UEP. “I’m really excited about this acquisition because this property was a constant challenge for its owner, the City of Rockford and the surrounding neighborhood. This project will be very unique.
“I’m so happy we were able to come to an agreement that benefited both Mr. Clement and Urban Equities Properties. I have tremendous respect for Dennis personally, his business sense, his long-term commitment to downtown, and his perseverance and creativity.
“We’ve been working with the City of Rockford, and really appreciate the efforts of Mayor Morrissey, City Administrator Jim Ryan, and Building Department Director Todd Cagnone and all the staff that helped us to understand this property to improve downtown.
“However, let me make it clear — this project is 100 percent financed by Urban Equities Properties, LLC.
“Our vision for this section of East State Street’s Block 3 will incorporate a mixed-use with six market-rate residential loft apartments, with balconies, gourmet kitchens, exposed brick and all the amenities that the modern urban dweller craves. The first floor of the property will be a restaurant and bar, around 6,000 square-feet, and will be the first downtown food and beverage establishment with an accordion facade that completely opens onto the sidewalk. It will be an inside/outside open-air restaurant; it’s really going to be wild,” concluded Fern.
Rockford City Administrator Jim Ryan said: “More than anytime since I can remember in the last 10 years of working for the city, there is more interest than ever in doing residential development in downtown Rockford. One of the reasons for that is because of the River Edge Redevelopment Zone and Historic Tax Credit legislation pushed by Mayor Morrissey and our state legislators. Now, we have developments that were once unattainable being very viable. Mr. Clement has been a very good business owner and advocate for downtown, and we wish him the best.”
“I did make a deal with Justin Fern,” said Clement. “I guess the fact that I’ve owned vacant real estate for the last few decades, this eases the strain on me. I don’t really have any plans at this point that I want to discuss. The decision to do something with the property has realistically been one of a couple of options for me for some time. My children are gone and grown up, and we are official empty nesters. With the plans for downtown they’ve laid out, it was time, and I’m not in the position to do something of that scope. Justin has the vision and drive to do this. I’ve always lived within a quarter of a mile of downtown, and I want to see good things happen. That’s what it’s all about. We leased back the bar. We’ll continue to operate it for the year, and we hope to see all of our friends.”
From the Feb. 27-March 5, 2013, issue
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9 Comments
100% Urban Equity Financing. Well….. except for the tax dollars in Historic Tax Credits, or TIFF deferred/reduced taxes, or River Edge Sales taxes. It is fine that they are getting help – just need to be HONEST – a trait that is lacking with Justin and UEB.
I’m excited to see this property renovated and transformed into something new, but seriously? Another restaurant?
It’s Pole Chicks, not Cool Chicks.
And that is what is wrong with Rockford. you say…”but seriously? Another restaurant?” well, why not? we only have a handful of really great, unique restaurants in Rockford. the majority of which are located downtown. Look at any thriving city across the country – what do they have in common? A restaurant culture. I have to wonder…what would you prefer to see in that space that would contribute to the revitalization of downtown Rockford?
“Trent Riley” and “Darryl”:
Oddly, our Comments filters show you both have the same IP address. As do the following screen names used in previous posts: Ronniebass, Flaren Jabck, Jeri Bond and Brent Mattison.
Because of the personal and mean-spirited nature of nearly all comments made under this IP address, future posts from this IP address will not be accepted.
Thank you for reading The Rock River Times.
Best Regards,
Brandon Reid
Assistant Editor
The Rock River Times
I love how people are upset that there is an other restaurant coming to Rockford, especially downtown. Im sure they are frequent customers of Bar 3 and rather have buildings continue to fall apart. Lets be honest, its better that something is happening than nothing.
Darryl, I am really sorry for whatever happened to make you such a jaded angry person. I was born and raised in Rockford and I work downtown. I don’t smoke pot, drink beer or wallow. I have a masters degree and my children know how to read college level material in high school. We still work hard and pack our football field stands. I don’t seek to change your opinion about Rockford, but I do wish to point out that your overdramatic generalizations make you look more uneducated than anyone here. I am glad, for Rockford’s sake, that you got out and I pray you don’t have to return often.
Thank you Brandon for your actions in blocking the IP addresses. Those comments made me ill and with those attitudes, I’m glad they no longer live in the area. If we could all stay positive, life would be better for all. I find it interesting that as much as they dislike our city, they are still reading about it.
Thank you for investing in downtown. We will have a boat soon and my hope is a large downtown college campus. Rockford is coming back. As for those who don’t believe: Move your 60-70 miles East and take your loser attitude with you.