The potential for re-development of the Madison Theater looks to be on hold. The owners of the Madison Theatre and NXG Development have elected to drop negotiations.
The city of Peoria assisted in the creation of an exclusive negotiation window between the Comfort family that owns the Madison and NXG Developments last February. The agreement was extended well beyond the initial 90-day window. NXG Developments was interested in acquiring the theater and its adjacent parking lot. The negotiation window was to determine a price for the Madison and allowed NXG to begin planning, marketing and financing activities for the project.
Peoria City Manager Patrick Urich says letting go of the exclusivity of the negotiation agreement means the potential for other interested developers to kick the tires. He says it also allows the city to further pursue developing its portion of the block.