OSF HelathCare leaders now say its expansion project in downtown Peoria could be larger than initially thought.
Under a new deal between OSF HealthCare and Caterpillar Inc. the corporation is also selling OSF the building at 330 South West Adams Street.
Caterpillar sold the Chase Bank Building to OSF for $1 last year.
Cat bought the building in 2015 as part of its plan to expand in Peoria, but when the company moved headquarters to Deer Field, it turned the property over to OSF HealthCare.
Leaders initially said about 700 employees would work in the Chase Bank Building, soon to be OSF Ministry Headquarters.
“OSF is excited to take the next step with this incredible opportunity to be part of a vibrant downtown,” said Bob Sehring, OSF HealthCare CEO. “We believe this collaboration between the City, Caterpillar, and OSF will further enable us to attract talent and other business opportunities to Peoria, which benefits us all.”
In a release, OSF officials also said more than 400 parking spaces will be leased to “to meet the needs of its growing downtown workforce.”
That plan still needs City Council approval. A vote is expected April 23rd.
At the same time OSF HealthCare has received approval from the National Parks Service to renovate the building in a way that will allow it to be eligible for Historic Tax Credits.
How the hospital system will use the space will be announced at a future date.
Crews expect to begin construction on the initial project in the coming months.
The project is expected to be complete by 2021.