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Elgin Approves $2 Million for Woolworth Building Redevelopment

City council gave preliminary approval to TIF funding for a downtown project at the former Woolworth Building on South Grove Avenue.

Updated on Nov. 5, 2026 in Commercial

Bold flat-color vector editorial illustration of a plain two-story brick commercial building on a quiet downtown corner, evoking a long-vacant downtown property awaiting redevelopment.
The Elgin City Council unanimously approved nearly $2 million in TIF funds for GPRETAM LLC to redevelop the vacant Woolworth Building on South Grove Avenue. AI Illustration. Upload story photo >

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The Elgin City Council unanimously agreed to provide just under $2 million in TIF funds to GPRETAM LLC to redevelop the two-story Woolworth Building at 31 S. Grove Ave. The developer plans to buy the property from the city for its appraised value of $410,000.

Why it matters

The city has held the building for four decades without generating property or sales taxes, and the project aims to turn it into a downtown destination. The redevelopment is intended to bring new activity to the area in place of a long-vacant city-owned site.

The city will provide development assistance from the Central Area TIF Fund and waive all development-related fees, with total redevelopment costs of about $6.2 million. Final council approval is still pending at a future meeting.

The players

GPRETAM LLC

GPRETAM LLC is the developer purchasing the Woolworth Building from the city for its appraised value to carry out the downtown redevelopment.

Elgin City Council

The Elgin City Council is the municipal governing body that unanimously agreed to provide the TIF funding and must give final approval.

The details

GPRETAM LLC will redevelop the building into a roughly 30,000-square-foot downtown destination, and the city will provide fast-track building permit review. The Woolworth Building, constructed in 1942 for the F.W. Woolworth Company, has housed the Edward Schock Centre since 2002 and currently hosts tenants including the Elgin Area Chamber of Commerce, the Elgin Development Group, the Elgin Symphony Orchestra and Alignment for Collaborative Education.

Timeline

  1. - 1942: Woolworth Building constructed for F.W. Woolworth Company.

  2. - 1986: Building owners donated the property to the city.

  3. - 2002: Edward Schock Centre of Elgin opened in the building.

  4. - November 4, 2026: Council committee of the whole preliminarily approved the TIF funding.

  5. - By March 1, 2027: GPRETAM LLC plans to close on the purchase.

Downtown Playbook

The project follows the Central Area TIF Fund model Elgin has used to pair public incentives with private investment in its downtown core. It marks a shift from holding a vacant city-owned landmark to returning it to productive private use.

Downtown Elgin residents and visitors may see a new 30,000-square-foot destination once the building is redeveloped, with construction expected to take about 18 months. The project will not add property or sales tax revenue until the redevelopment is complete and operating.

The takeaway

Public-private partnerships using TIF funds can turn long-idle municipal property into revenue-generating downtown assets. Residents interested in the project can follow future council meetings for the final vote.

What happens next

GPRETAM LLC plans to close on the purchase of the Woolworth Building by March 1, 2027, and the council must give final approval at a future meeting.

Further reading

Explore more Commercial real estate news in Elgin.

Source note: This article includes information reported by Daily Herald.

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