MIDDLE MARKET HIGHLIGHT, JULY 2008

Quincy
Kevin Jeselnik

Quincy, Illinois, is a unique smaller market in that the town of 40,000, which is located on the state’s western border along the Mississippi River, is also the largest market within 100 miles. This positions Quincy as a regional draw for consumers, workers and businesses from the surrounding areas in Illinois, Missouri and Iowa.

To manage the growing traffic and encourage future growth, the area is nearing the completion of an aggressive highway expansion plan that has resulted in a perimeter of four-lane highways being laid out around the city. The final 12-mile stretch, which is nearing completion over the border in Missouri, marks the completion of a 620-mile interstate from St. Paul, Minnesota, to St. Louis that has been dubbed the Avenue of the Saints. According to Jim Mentesti, president of the Great River Economic Development Foundation in Quincy, the new roadway infrastructure is expected to create a tremendous amount of additional traffic.

When the smaller surrounding communities are taken into consideration, Quincy serves a regional base of approximately 650,000. To facilitate the influx of visitors, the city has enacted a detailed 20-year study of its downtown area and has been diligently working to make its findings and suggestions a reality.

The $25 million, LEED-certified Kroc Center will serve as a state-of-the-art community center for the Quincy population.

A sticking point of the study focused on increasing commercial development downtown and creating for Quincy distinctive gateways into the area. The biggest development downtown currently is the $25 million Kroc Center, a LEED-certified community center that is being funded by an endowment through the local Salvation Army that was provided by Ray and Joan Kroc, the late owners of McDonald’s.

The Krocs’ provided an additional $15 million endowment earmarked for operations and maintenance costs upon the completion of the 88,125-square-foot facility, which is located downtown at Broadway and Vermont streets. It is expected to break ground late this year, with completion expected in summer 2010.

The 28,000-square-foot Adams County Health Department building will begin construction this year.

Across the street from the Kroc Center, the local government is building a new 28,000-square-foot Adams County Health Department Building. The two developments will serve as the gateway to downtown Quincy along Broadway and Fourth streets.

In the suburban market, a number of retail centers have been completed in the past few years, including the 431,000-square-foot Prairie Crossing. To draw the shoppers into downtown, a number of new retailers and restaurants have opened, including various home decor stores, a French pastry shop and a high-end wine bar called Brix.

A local developer is bringing a $22 million, 54-unit condominium project, which will be located along the Mississippi River, to downtown Quincy.

As has been the case in many markets nationwide, there has been renewed interest in downtown living. A local developer is answering the demand with a $22 million, 54-unit condominium endeavor that is currently underway on Second Street, on a site located along the riverfront between two bridges leading into downtown.

Another exciting development for the town involves the upcoming events that will celebrate the 150-year anniversary of the Abraham Lincoln/Frederick Douglas debates, one of which occurred in Washington Park in Quincy. The park has undergone a $300,000 improvement in anticipation for the celebration, which will commemorate the debates this fall. It will be a prime opportunity to honor the nation’s history, and show off the wealth of activity occurring in this small but growing market.

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