Caterpillar will work with OSF HealthCare to develop downtown properties once slated to become part of Big Yellow's new world headquarters.
In a press release, OSF announced they will work with Caterpillar to develop the former Chase building, 124 SW Adams, into their new Ministry headquarters. Caterpillar will also donate the former Peoria Professional Building, nearby parking and $3 million to OSF HealthCare for future downtown development.
“We are pleased to partner with Caterpillar on this project. From our perspective, OSF will be able to bring many of the administrative Mission Partners for OSF together in one building, improving the synergy and collaboration for our Ministry,” said Bob Sehring, OSF HealthCare CEO. “In addition, this will help OSF attract and retain talent in Peoria and support the expansion of our Ministry in the communities we have been called to serve.”
“The partnership between Caterpillar and OSF to bring this vital block in our downtown back to life could not have come at a better time,” said Peoria Mayor Jim Ardis. “The energy and vitality created by this project will definitely inspire others to look at our downtown and warehouse district to locate their business.”
OSF and Caterpillar will work to add the Chase building, constructed in 1905, to the National Register of Historic Places.
Construction is expected to begin in late summer 2018 and take at least two years to complete if the historic designation is received.
More than 700 OSF employees will be located in downtown Peoria.
OSF owns several administration facilities in Peoria and they have no intention of closing or selling those properties.
Caterpillar once planned to redevelop the block and construct a new world headquarters in downtown Peoria. Those plans were later scrapped, and Caterpillar moved their headquarters to Deerfield, Ill.