First Midwest Group acquires William Brown Lofts, invests over $1 million in repairs

Jeff Kolkey, Rockford Register Star
·2 min read

ROCKFORD — First Midwest Group on Wednesday announced that it recently acquired the William Brown Lofts, investing $1.2 million in repairs.

Founded by real estate developer and philanthropist Sunil Puri, First Midwest Group was a partner with William Charles Investments in the 2001 redevelopment of the building at 226 S. Main St.

Financial details of the property acquisition were not immediately disclosed.

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The six-story former office building, built in 1885, cost $5 million to renovate into 30 studio, one- and two-bedroom market rate apartments.

It was hailed as the largest redevelopment project of its kind in downtown Rockford at the time, aimed at attracting more tenants to the city's core.

Since then, many more residential buildings appealing to people who want a walkable, urban living experience have been redeveloped in downtown Rockford.

First Midwest Group on Wednesday announced that it had taken "full ownership" of the William Brown building via its subsidiary, First Midwest Rentals. The building continues to house Minnihan's Pub and BMO Harris Bank.

The William Brown Lofts, 226 S. Main St., recently acquired by First Midwest Group is seen Wednesday, Jan. 18, 2022.
The William Brown Lofts, 226 S. Main St., recently acquired by First Midwest Group is seen Wednesday, Jan. 18, 2022.

According to a news release, the $1.2 million was spent on repairs to the north and south facade, installation of a new passenger elevator, waterproofing the basement and reinforcing a portion of a drive-through lane among other improvements. It's unclear when these repairs were completed.

First Midwest Group has been involved in a variety of downtown projects over the years including the 1995 construction of a $4 million office complex at Jefferson and Wyman streets that houses the Hinshaw Law Offices.

In 2013, First Midwest Group bought the historic building at 326 West Jefferson St. and invested $1 million to turn it into loft apartments and retail spaces. The company was also a partner in the redevelopment of The District Bar and Grill, 205 W. State St.

Jeff Kolkey: jkolkey@rrstar.com; @jeffkolkey

This article originally appeared on Rockford Register Star: First Midwest Group invests $1.2M in William Brown Lofts in Rockford