PITTSFIELD, Ill. -- The city of Pittsfield recently sold two lots to Square 1838, the property management company of Jonas and Jane Ann Petty.
The lots, once the site of the Brown Shoe Factory, came under city ownership decades ago. The city sold the lots, on the corner of Perry and Monroe streets, to Petty for $32,000, $8,000 less than the $40,000 face value of the two properties. By law, Pittsfield Mayor John Hayden said, the city can sell property for as low as 80 percent of its value. Because the properties fall in the city's Tax Increment Financing District, and because Petty plans to develop them, Hayden said he is confident the deal will benefit the city.
"All this time, nothing has been done on those lots," Hayden said. "Now there will be a brand-new building on them."
Square 1838 plans to build a new Illini Health Services Pharmacy on the site, which is next to the Pittsfield Quincy Medical Group. According to an agreement with Blessing Health System, the owner of Illini Community Hospital, the new 3,000-square-foot pharmacy will replace the current IHS Pharmacy at the corner of Franklin and Adams.
Jonas Petty said construction on the new pharmacy will begin as soon as the deal is completed. He hopes to complete the building by the first of the year. The deadline under the agreement with Blessing Health System is next April.
The Pettys also purchased the property that was the site of the former Higbee School from the city for $55,000 last September through their company, J. Petty & Co. The company plans to build 12 two-bedroom housing units for people age 55 and older on the property.
Petty said the drawings for the housing units will soon be submitted to the city for approval. He hopes to begin work next month.