Gorman & Company is one step closer to making a downtown high-rise hotel a reality along the Rock River.
According to reports, Gorman will begin remediation at the 13-story Ziock Building after it closes on the property in May. Construction is slated to be completed by Dec. 31, 2016, in time to take advantage of historic credits before they expire. Cost of the project is approximately $67 million.
The City of Rockford currently owns building. Aldermen approved the redevelopment last year.
The project, along with others downtown, was the subject of some speculation after Gov. Bruce Rauner put the brakes on the $220 million project that would have brought Amtrak service back to Rockford for the first time in 30 years. With the train on hold, some believed so would go the hotel.
However, the city still plans to move forward and to build a multimodal transportation hub near Davis Park. Both developments will anchor the largest downtown development initiative since the MetroCentre was built in the early ’80s.
Another downtown linchpin is the 104,000-square-foot “Sportscore Downtown on the Rock,” a sports complex built with the existing framework of the old Ingersoll complex on Madison Street, directly across the river from the Ziock Building.
Spearheaded by City Administrator Jim Ryan, the complex is expected to draw hundreds to Rockford for amateur tournaments and be a boon for the hotel. Construction on Sportscore Downtown officially began Friday, April 24.
As Gorman presses forward, the developer initially slated to turn the old Rockford Watch Factory into an upscale apartment complex near the Sportscore project is not. Frantz Community Investors, of Cedar Rapids, Iowa, says it cannot finish construction in time to utilize historic tax credits.
Frantz’s announcement also came after a jab exchange by the River District Association president and Rockford mayor over the demolition of the factory.
March 10, Frantz met with River District President Gary Anderson, city staffers and two Rockford aldermen to express interest in changing an existing agreement for the original 1874 structure. According to Anderson, Frantz developed a late interest in the north portion of the factory to make the project more attractive to residential occupants.
However, the original agreement didn’t include the north portion. It was to be razed to make way for Sportscore Downtown parking. And while Alds. Tom McNamara and Frank Beach were reportedly in favor of a potential City Council re-vote to include the entire building, Mayor Larry Morrissey ordered demolition before that could happen. The move prompted Anderson to accuse of Morrissey of vandalism.
That’s when Frantz decided it could not meet the tax-credit deadline. The developer also cited the same reason for passing on the Chick Hotel on South Main Street and old freight depot on Cedar Street. Frantz said the legal process of transferring ownership of the factory would take at least 90 days, cutting too far into its construction timeline.
Unlike Frantz, part of Gorman’s plan includes EB-5 funds–$25 million– that will give work visas to immigrants hired to complete the Ziock job. Gorman will also utilize the local labor force and Rockford-area subcontractors. According to reports, Gorman’s EB-5 partners are in China.
The Ziock Building was named in honor of textile pioneer William H. Ziock. It was built in three phases between 1913 and 1950 by the Ziock family and Amerock Corporation, the former Aldeen Company. The skyscraper housed titans of two industries that helped fuel the industrial growth of Rockford: textiles and hardware. Amerock was acquired by Newell Rubbermaid in 1987 and vacated the property in 1998.
Source:Rockford Advocate