Overview
In August 2023, the Village hired Broadwing Advisors to conduct a Highest and Best Use Study of the Historic Depot and Former Library, evaluating the most viable development opportunities for the two sites. This study provided valuable insights that guided the Village’s decision-making process.
In December 2023, the Village Board approved moving ahead with hiring a commercial real estate firm to assist in the sale/lease of the depot and library in which Broadwing Advisors was hired to conduct this process. In April 2024, the Village Board approved a redevelopment Request for Proposal (RFP), inviting qualified developers to submit their visions for the Depot’s future. As a result of this process, the Village received interest from multiple parties, received three offers to redevelop the property, and considered two finalist proposals.
As part of the selection process, the Village Board evaluated the proposals based on three key criteria:
- Developer Qualifications (35%): This included the developer's experience, financial capacity, and demonstrated expertise in successfully completing similar projects. Additionally, this looked at the historic preservation plan.
- Proposal Concept (25%): This focused on the developer's proposed use, alignment with the Village’s stated goals, and the overall feasibility of the project.
- Transaction (40%): This included the purchase price, financing terms, conditions of purchase, economic feasibility, and the value of estimated future tax base.
The public had an opportunity to engage with both developer teams at a public meeting held on October 21st, 2024. At this meeting, Kelly Hickman’s team and The Yards presented their proposals, allowing residents to ask questions and offer feedback. The Village Board greatly appreciated the input from the community, which helped inform the final decision.
We want to thank both teams and the public for their participation in this process. While both visions were impressive, the Village of Belleville is pleased to announce that The Yards has been unanimously selected as the developer for the restoration and redevelopment of the historic Belleville Depot.
This project represents not only a commitment to preserving the rich history of our community but also a step forward in creating new opportunities for local businesses and residents. We are confident the Depot will once again become a focal point for Belleville. We are hopeful that residents and visitors will enjoy the Depot for years to come.
The next step will be negotiating and finalizing the purchase contract. The contract will contain a 90-day due diligence period, which will involve the Yards Team working through the public planning and zoning approval process. Prior to the execution of the contract, the Village will hold a public meeting to allow residents to provide their final comments related to the purchase contract, including financial terms, before the Village Board gives its final approval.