In September 2007, One Main Development broke ground on Uptown One, a 129,000 square-foot, six-story mixed-use building as part of the Town of Normal’s Uptown Renewal Plan. Construction on the project was halted in late 2008 due to a lack of financing. 2008 and 2009 have been difficult years for development. As banks hemorrhaged funds, credit available for projects like this dried up. Subsequent revisions in mortgage and credit policies have made it difficult for banks to capitalize new speculative development projects. One Main continues to work banks and alternative sources to locate funding sources for the project, and plans to resume construction as soon as funds become available. “We’re in it for the long haul,” says Jon “Cody” Sokolski, CEO of One Main Development. “We are confident that we will make it through these difficulties and come out with a stronger project because of it.”
Overall, the $75 million project includes three mixed-use facilities totaling more than 390,000 square-feet. The project will contribute to Uptown Normal’s ongoing revitalization efforts by offering big city amenities without the challenges associated with an urban lifestyle.
Uptown One, the first of three mixed-use buildings located on the future circular intersection in Uptown Normal, will offer a mix of dining options, unique retailers and a financial institution on the first floor. Office and commercial space will occupy floors two through four, offering quality Class A construction with close proximity to Illinois State University. Floors four, five and six will include 34 urban-style condominiums designed to appeal to those who desire upscale urban living along with the conveniences of dining, shopping and entertainment just outside the front door. Condo prices will range from $175,000 for a one-bedroom condo to $425,000 for a three-bedroom condo. The condominiums will range from 800 to 1,900 square-feet.
One Main Development believes that creating the right mix in Uptown Normal will help grow the community, benefiting individuals, businesses and corporate citizens. Transformative development, similar to what Uptown Normal is experiencing, will ultimately help large employers recruit and retain top talent from around the country.
The Uptown project is a result of a comprehensive renewal plan prepared by the Town of Normal. Addressing the needs of the community, the Town of Normal has an aggressive growth model aimed at improving the Uptown area and making the area a destination for people across East Central Illinois.
