New building seeks tenant ahead of million-dollar reboot
The search for a flagship occupant is on, now that the three-story, 15,000-square-foot Cohen Building in downtown Urbana is set to receive a multimillion-dollar facelift.
Urbana leaders announced the capital investment plan Feb. 6, affecting the former Phebus & Koester law office at 136 W. Main St. The government of Urbana will direct $500,000 in tax dollars to remodel the 100-year-old former tobacco and banking facility, according to a press release.
Owner and landlord Dan Maloney said the building is courting eateries as potential tenants.
“I was excited when I learned this downtown property was available,” Maloney said in the release. “It’s a wonderful location and a real neat building. We think it will spark a lot of interest.”
The $2.5 million remodel will further plans to create shopping and eating venues at street level by migrating other tenants to higher floors, according to Mayor Laurel Prussing.
“Local businesses continue to invest in Urbana,” she said. “In the last four years alone, over 100 new and expanded businesses have located in all commercial areas of the city.”
Learn more about the historic property online.
Organizations in this Story
400 S Vine St
Urbana, IL 61801