As the City of Peoria pursues redevelopment proposals for its downtown Tower On Adams trio of properties, PNC Bank has committed to maintaining its presence in the historic 12-story building that’s commonly called by the financial institution’s name.
“It just further shows our investment into this community,” PNC Regional President for Central Illinois Brian Ray said of the bank’s renegotiated lease agreement with the city announced Tuesday.
The updated and amended five-year agreement keeps PNC’s downtown branch at 301 SW Adams Street through 2031, along with the drive-up ATM and the adjacent spot.
Ray, who serves on the boards of the Greater Peoria Leadership Council, the Greater Peoria Economic Development Council and the Peoria Riverfront Museum, spoke exclusively to WCBU ahead of the announcement.
He said it will also allow the bank to coexist in the tower as the city pursues a mixed-use commercial and residential opportunity.
“We are very invested in Peoria, and especially in downtown Peoria, and we think that this is going to be absolutely transformational for the central business district, which is a huge area of emphasis for several as organizations I just mentioned, to really bring downtown Peoria back,” he said.
As part of the agreement, PNC will transfer some of its employees currently at the downtown location to an enhanced office space at its Metro Centre location on Glen Avenue.
“We are also investing significant dollars up in our Metro Centre area. No loss of staff, we’ll have approximately 20 employees that will be leaving the 301 SW Adams to the Metro Centre, and all of our retail staff will remain here,” said Ray, adding he will maintain his office at the downtown location.
Peoria purchased the frequently-called PNC Bank Building, the neighboring Creve Coeur Building and the adjacent parking deck last fall from Cullinan Properties for $1.75 million. Earlier this month, the city issued its request for proposals, or RFQ, from developers.
“We’re really excited to see where that goes,” said Ray. “I’m very confident, with the way that we are set up with our retail space branch on the main floor, that we will coexist well with what they’re looking to do.”
In a news release from PNC, Peoria Mayor Rita Ali said she’s “excited” to see the bank staying in the tower originally known as the Commercial National Bank Building.
“Their continued presence strengthens downtown and supports our vision for transforming this iconic building through new development. We thank PNC for their ongoing investment in Peoria,” said Ali.
Financial terms of the renegotiated lease were not disclosed. Ray said the bank and Peoria started having “very honest, transparent” talks about the plans for the building and PNC’s place in it shortly after the city’s acquisition.
“It was a conversation about what our space requirements were, what it was going to be needed, what they wanted to do with the building, and how we might be able to coexist or not coexist with different areas of our business within the building dependent on how they wanted to make use of that building,” said Ray.
“I think this really was a good opportunity for us to all look at what they wanted for the building, what we needed in terms of space from the building, maintaining the historic branch here at the building, and also, again, reinvesting in other parts of Peoria.”
Ray said part of PNC’s investment in the downtown space will be replacing the prominent rooftop sign, likely within the next 6-8 months.
“It’s right there, we are part of the landscape. You come across the bridge and you see, ‘PNC,’” said Ray. “I think that’s very appropriate for the commitment that we have to this town, to the employees that we have that are not only working here and living here and volunteering here, giving of their time every day. I think it’s very appropriate that we keep our name on the building.”
