Lowell eyeing downtown bank property
As the Town of Lowell moves forward in revamping the downtown area, they may be looking at purchasing the Centier bank property on the northwest corner of E. Commercial Avenue and Mill Street.
Councilman John Yelkich is of the opinion the space could be better utilized for something else. Centier’s building on the site is basically only used for the ATM.
Yelkich said acquiring the parcel of land from the bank, along with several blighted properties on Halsted Street, could also perhaps provide a walkway from downtown to Nassau Park on Washington Street. The plan would also include a walkway over the railroad tracks to facilitate safe foot traffic between the park and the historic downtown shopping district.
Yelkich said the move would only benefit the downtown.
“If we continue to do that,” Yelkich said of acquiring these properties, “we’re benefiting the downtown and downtown businesses. So what I was thinking was we use that as an entryway to the new park.”
Town manager Craig Hendrix recalls the bank reaching out to former town manager Jeff Sheridan to gauge the town’s interest in purchasing the property several years ago, but nothing came of it.
Hendrix explained there are empty parcels of land in downtown Lowell that he hopes will not be vacant for too much longer. He also noted that in the case of blighted buildings, the town may look to acquire and raze them.
“They’re certainly not doing anything sitting there like that,’ Hendrix observed.
Hendrix cited the example of the former Costas building on Washington Street, which was demolished in 2021. He said the land was worth more than the building, and it was a logical decision for the town to purchase it and tear it down so as to attract a potential buyer who is willing to build something that fits better into the town’s plans for the future.
“Lets face it,” Hendrix said. “We don’t have to make a profit. But we take care of it, we clean it out and we get it prepped for something and now it gets back on the tax roll with hopefully a much more valuable asset on it that we earn taxes on.”
“We’ll be the only ones who ever see a return on it by doing what we did,” Yelkich added. “Because no one else will see a return on that property by putting money into it to tear it down. We’re the only entity to have a reason to do what we did.”
Some of the properties on Halstead Street are small odd parcels, Hendrix indicated. He also noted there is another property on Halstead that the town could purchase to raze the structures on the lot to make way for more parking.
However, there’s a catch; the owner of the parcel also owns the building located at 113 Mill Street, the home of the local H&R Block office. The parcels would be bundled together.
Lowell has invested approximately $250,000 around town with their redevelopment grant, according to Yelkich. Hendrix added the businesses who receive the money could be awarded up to $20,000 and are available to anyone who is located within the TIF district. He cited the example of the Kentucky Fried Chicken and Dominos Pizza on the east end of town seeking those funds to build a road behind their buildings to provide better access to the businesses.
The Town of Lowell also offers a facade grant for the downtown businesses for up to $10,000. Hendrix said the facade grant is intended for signage, windows and smaller repairs. Yelkich pointed out the redevelopment grant differs from the facade grant in what they both allow. He said there is more flexibility with what one can do with the redevelopment grant.
Yelkich said Lowell has “made a measurable difference” to its downtown. He noted the value of the buildings downtown are beginning to increase, and that is a “real return on the investment to the people we serve.”
“If you’re a business downtown,” Yelkich pointed out, “that building is worth more than it was five years ago. I guarantee you.”