New Owner Plans for Apartment, Retail Inside Former Furniture Building

By: Jessica Geraci Email
By: Jessica Geraci Email

ROCKFORD (WIFR) -- A century old building in downtown Rockford is in for a makeover after a new owner buys the place.

Urban Equity Properties of Rockford just bought the former Hanley Furniture building at the corner of Main St. and Chestnut St. for $355,000. They plan to transform the five floor building into a retail center that has stores, restaurants, and apartments. Some nearby business owners say they'll wait to get excited until they see tenants move in. Others say, any new interest in downtown is always welcome.

"I think it basically depends on how they market it and basically what kind of crowd they bring down here. If they bring more jobs, more restaurants, more things of that nature I think the area will develop really well,” says Aakash Patel, the owner of Roly Poly in Stewart Square.

The building has been vacant for at least a decade. Construction on the space is expected to begin in 2014.

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