Downtown Kankakee Historic District

 

June 02, 2019

Downtown Kankakee was added to the National Register of Historic Places in 2018,
making contributing properties eligible for the 20% federal income tax credit on
qualifying rehabilitation projects. An arts and entertainment hub, the district also falls
within the Kankakee River Valley Enterprise Zone, New Markets Tax Credit boundaries
and a Special Service Area that offers a suite of development incentives. A new TIF
District is anticipated in 2019.

   

Recent public investments include the Schuyler Avenue Streetscape initiative, which
adds bike lanes and a variety of street furniture, lighting and amenities to encourage
public gathering and commercial activity. District anchors include Kankakee Public
Library, the Kankakee Depot, Kankakee Courthouse, administration for Kankakee
County and the City of Kankakee, and several financial institutions.

 

The City of Kankakee welcomes market-rate multifamily development
concepts. A recent study by Bowen National Research identified
unmet demand for 800+ multifamily residential units across the
community.

 

INVESTMENT OPPORTUNITY
21,000 SF of retail/flex space with loading
dock and freight elevator is available at former
Turk Furniture Building. Neighbors include
The Majestic, Stefari Cafe, Rigo’s Place and
Paramount Theatre.