The ribbon cutting for the Cooperage Building in Peoria means there’s another place with historic character for people to live and work in the Warehouse District. The building that was constructed in 1925 started as a door and windows manufacturing company and later was a cooperage factory that made whiskey barrels for Hiram Walker. Katie Kim is the CEO of the Kim Group. She says it was a 5-million-dollar project that was only possible with the extension of the state and federal historic tax credits:
“The Warehouse District, we have these beautiful old building with rich history, and with the tax credits, really, they make it able to redevelop them. Without the tax credits, I will tell you financially it doesn’t make sense.”
Kim says it’s necessary to pair the state and federal tax credits to make such a redevelopment project in the warehouse district possible.
The Cooperage Building on Pecan Street includes office space on the main floor as well as one-bedroom and two-bed/two-bath apartments for lease in the remainder of the building.