A century-old building in the heart of downtown Urbana will undergo a $2.5 million renovation in coming months.
The Urbana City Council on Feb. 6 approved a development agreement with D&E Enterprises, LLC, to redevelop the Cohen building at 136 W. Main St., at the northeast corner of Main and Race streets.
The building most recently housed the Phebus & Koester law office. Tentative plans call for it to be converted into a restaurant/bar and into office space or apartments on the second floor.
Under the agreement, the city will reimburse up to $500,000 of the total project cost, using tax increment financing funds.
Businessman Dan Maloney, 54, of Champaign purchased the building last summer and is excited about its potential. The property is currently being marketed to restaurant tenants by Dan Clark with Sperry Van Ness/Ramshaw Real Estate on Maloney’s behalf.
“I had been looking for a building that had a lot of potential as well as some historic interest,” Maloney said. “I was excited when I learned this downtown property was available. It’s a wonderful location and a real neat building. We think it will spark a lot of interest.”