BATAVIA – St. Charles-based Corcoran Commercial Real Estate has withdrawn its proposal to acquire the Thomle building to develop restaurant space on the first floor and five apartments on the upper levels.
Corcoran has withdrawn its proposal because it could not reach an agreement to acquire the privately owned 4-6 E. Wilson St. building, next to the Thomle building. Corcoran had presented plans to acquire the Thomle building and to develop restaurant space on the first floor and five apartments on the upper levels.
The project was estimated to cost $1.8 million. Corcoran had been seeking $590,000 in city grant funds to help pay for the project and a transfer of the Thomle building for $1.
Corcoran had projected the project would generate $344,500 for the city’s tax increment financing district through 2027 and that the city should receive a total of $315,000 in retail sales tax revenues through 2027.
Batavia Mayor Jeff Schielke said he would be open to someone coming in with another proposal for the building. But he said the city “will not bankroll the whole deal for them.”
Corcoran had presented one of two proposals for the Thomle building at 2 E. Wilson St. in downtown Batavia. Since 1997, the city has owned the building, which was built in 1876.
Batavia business owner Michael Grudecki in February pulled his proposal to turn the Thomle building into a martini lounge.
In pulling his proposal, Grudecki, president of Vignette Home Decor in Batavia, said he was tired of the city dragging out the process. Grudecki said he first approached city officials in February 2012 with the idea for his proposed Tini Lounge.