A local development group is stepping forward with a plan to bring one of Peoria’s most historic landmarks back to life.
The City of Peoria and private owner of the Madison Theatre announced today that local investment group, NXG Developments, has begun negotiations to acquire the property and the parking lot.
NXG Developments has put together a project team and is proposing a complete renovation of the theater.
Their plan also includes renovations to the adjoining Main Street retail space and new construction of a multi-story building at the corner of Madison Street and Hamilton
"So, it's a really key property in downtown. So, we're really excited just to see it and kind of be brought back and be a part of the local economy again. All the vibrancy that comes with having whether it's a theater or a performance space or whatever the inside of the Madison comes back as," said Chris Setti, Assistant City Manager.
NXG Developments has an exclusive 90 day window for negotiations.