A downtown Springfield building that stands near the Old State Capitol Plaza has a new owner, and the property is already largely occupied, city officials and local media said this week.
Foreclosure purchase; tenants move in
Real estate investor Chris Stone purchased the former PNC Bank building at Fifth and Jefferson, acquiring the property out of foreclosure for about $1.65 million, according to comments made on the WTAX Morning Newswatch and reported by the Springfield Business Journal.
The building — which received visible exterior work in recent months — is now serving multiple tenants. The Illinois Department of Children and Family Services has taken a sizeable portion of the space, and city and private-sector occupants include a law firm and another state agency. Local coverage indicated the building is approximately 98 percent occupied.
“He brought it out of foreclosure for about $1.65 million a little less than a month ago,” said Michelle Ownbey, executive editor for the Springfield Business Journal, on the WTAX Morning Newswatch.
Related downtown holdings and TIF payments
Stone also owns another prominent downtown property: the former AT&T building on South 7th Street. That building remains vacant while Stone continues negotiations with a potential tenant, according to the same reporting.
The City Council previously approved a Downtown Tax Increment Financing (TIF) package to aid renovation of the South 7th Street property. The TIF commitment approved was about $2.6 million, and city payments are structured to be released to the owner over a five-year period, local reporting said.
- Property: Former PNC Bank building (Fifth and Jefferson)
- Sale price: About $1.65 million
- Current occupancy: Approximately 98 percent
- Other related property: Former AT&T building, South 7th Street (vacant)
- TIF amount: About $2.6 million paid over five years
Local redevelopment context
The purchase arrives amid visible renovation work downtown that residents may have noticed in recent weeks — dumpsters and construction activity were present at the former bank site — and follows a broader pattern of private investors seeking state tenants. One local editor observed that Stone’s portfolio often includes buildings leased to state agencies, a dynamic that can quickly change downtown occupancy levels when leases are secured.
City-financed incentives such as TIF are designed to promote redevelopment in defined areas by dedicating future property tax increments to pay for improvements. In this case, the Downtown TIF award for the former AT&T building represents a significant public investment tied to the expectation of future private rehabilitation and tenancy.
| Site | Status | Notable detail |
|---|---|---|
| Former PNC Bank (Fifth & Jefferson) | Recently purchased | ~98% occupied; state agency tenant present |
| Former AT&T (South 7th St.) | Vacant | TIF support ~ $2.6M paid over five years |
For downtown residents and businesses, the transactions and renovations could mean increased daytime foot traffic tied to state office workers and private-sector employees housed in renovated buildings. For city leaders and taxpayers, the situation highlights how public incentives and private investment interact to influence occupancy and reuse of older commercial buildings.
Reporters and local officials will be watching whether the former AT&T building secures a tenant and when TIF payments are made in the coming years. Meanwhile, the newly purchased former bank building is largely in active use, signaling a quick turnaround from foreclosure to renewed occupancy in the heart of Springfield’s downtown.
