OSF HealthCare obtains former Chase Bank Building from CAT

PEORIA, Ill. - OSF HealthCare will be taking over a building originally designated for Caterpillar's World Headquarters. 

In 2015, Caterpillar announced it had purchased the former Chase Bank Building on Adams Street in Downtown Peoria as part of its World Headquarters expansion. Two years later, the company announced those plans had been scrapped and Headquarters would move to Deerfield, IL.

The property will be used as OSF HealthCare's new Ministry Headquarters. Caterpillar is also donating the Peoria Professional building, the adjacent parking lot, and $3 million to OSF HealthCare for further development. The project is estimated to be worth up to $90 million.

OSF HealthCare CEO Bob Sehring says, "This will help OSF attract and retain talent in Peoria and support the expansion of our Ministry in the communities we have been called to serve." 

OSF and Caterpillar are also requesting the former Chase building to be added to the National Register of Historic Places so it will be eligible for tax credits during the restoration. During the press conference Mayor Jim Ardis said the project would not be possible if several years ago Senator Dave Koehler and State Representative Jehan Gordon-Booth weren't able to get some historic legislation tax credits.

Construction is expected to begin late this summer and last at least two years, which will help generated several hundred construction jobs. One work is finished, more than 700 OSF employees are expected to be located in Downtown Peoria.

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