Tanninger Acquires Illinois State Bank Building

QUINCY, ILLINOIS – JULY 14, 2021 – RYAN JUDE TANNER, CHIEF EXECUTIVE OF TANNINGER COMPANIES, ANNOUNCED THE SUCCESSFUL ACQUISITION OF THE ILLINOIS STATE BANK BUILDING LOCATED AT 529 HAMPSHIRE STREET IN DOWNTOWN QUINCY, ILLINOIS. TANNINGER COMPANIES IS THE PARENT COMPANY OF THE ELKTON HOTEL AND PATIO RESTAURANT & LOUNGE, WHICH IT ACQUIRED IN MARCH 2020.
 
TANNER COMMENTED, “WE SEE THIS PROPERTY AS A REMARKABLE TESTAMENT TO THE LONGSTANDING VIBRANCY THAT QUINCY IS KNOWN FOR. THE POTENTIAL FOR THIS UNIQUE PROPERTY IS WITHOUT LIMITS. WE WISH TO THANK THE CITY OF QUINCY, PARTICULARLY MAYOR MIKE TROUP; FORMER MAYOR KYLE MOORE; THE DIRECTOR OF PLANNING & DEVELOPMENT, CHUCK BEVELHEIMER; THE QUINCY CITY COUNCIL; AND MICHAEL SEAVER, DIRECTOR OF INSPECTION & ENFORCEMENT. WE ALSO WANT TO THANK MIKE CARTER OF KLINGNER & ASSOCIATES AND NICK SMITH OF FIRST BANKERS TRUST COMPANY, WHO FINANCED THE ACQUISITION. LASTLY, THE DEAL MAY NEVER HAVE SEEN THE LIGHT OF DAY HAD IT NOT BEEN FOR OUR BROKER, MAX DANCER OF HAPPEL, INC. REALTORS. THIS OPPORTUNITY HAD MANY, MANY MOVING PARTS, AND WE COULD NOT HAVE ASKED FOR MORE SUPPORT AND GUIDANCE.

DANCER STATED, “THE INVESTMENT BY TANNINGER IN THIS HISTORICAL PROPERTY FOR ADAPTIVE REUSE IS NOTHING SHORT OF AMAZING. THIS IS A GREAT OPPORTUNITY NOT ONLY FOR TANNINGER, BUT FOR THE COMMUNITY OF QUINCY AND THE REGION. WITH THE ADVANCEMENTS AND IMPROVEMENTS OF 6TH STREET, ALONG WITH OTHER THRIVING BUSINESSES AND ADAPTIVE REUSE PROJECTS ALREADY COMPLETED IN THE DISTRICT, THE ILLINOIS STATE BANK BUILDING WILL STAND STRONG AS THE CENTER OF DOWNTOWN QUINCY, AND WILL SERVE AS YET ANOTHER EXCELLENT EXAMPLE OF WHAT IS POSSIBLE IN THE REHABILITATION OF HISTORIC BUILDINGS IN QUINCY.”
 
JAY KROTTINGER, THE CHIEF OPERATIONS OFFICER OF TANNINGER, PROVIDED INSIGHT INTO FUTURE DEVELOPMENT OF THE BUILDING. “WE ENVISION A SMALL, 32-ROOM BOUTIQUE HOTEL, FITTED WITH A GYM, OUTDOOR POOL, AND ROOFTOP BAR WITH STUNNING VIEWS OF QUINCY FROM EVERY DIRECTION,” SAID KROTTINGER. “WE ARE EQUALLY EXCITED ABOUT OUR NEW RESTAURANT CONCEPT FOR THE HOTEL. THERE IS PLENTY OF SPACE FOR CONFERENCE ROOMS, AND MAYBE EVEN A CIGAR AND WHISKY LOUNGE LOCATED IN THE OCTAGONAL ATM ON THE NORTH SIDE OF THE PROPERTY. THE NEW DEVELOPMENT WILL ENTER THE DESIGN PHASE IN THE COMING MONTHS. SOON AFTER, WE WILL BEGIN DEMOLITION OF THE INTERIORS, AND WE ANTICIPATE OPENING AROUND CHRISTMAS 2023.”
 
THE 43,000 SQUARE-FOOT PROPERTY WAS BUILT IN 1915 BY QUINCY ARCHITECT MARTIN GEISE. THE ORIGINAL BUILDING IS SEVEN STORIES TALL AND WAS DESIGNED IN THE ITALIAN RENAISSANCE STYLE WITH GRANITE FACED TO THE TOP OF THE FIRST FLOOR, WITH FULL GLAZED CREAM TERRACOTTA COVERING THE REMAINING STORIES. THE LOBBY IS FINISHED IN COLORADO YULE WHITE MARBLE, AND THE FLOORS ARE A STUNNING CERAMIC MOSAIC TILE. THE TWENTY-FOOT CEILINGS OF THE LOBBY INCLUDE PLASTER IN OLD IVORY, WITH HIGHLIGHTS IN GOLD. THE BUILDING STILL HAS ITS ORIGINAL VAULT WITH A 5-TON CIRCULAR DOOR BEHIND A HEAVY BRASS GRILL. IN 1951, ARCHITECT JOHN BENYA DESIGNED THE TWO-STORY ADDITION ON THE NORTH SIDE OF THE BUILDING. BENYA, WHOSE STYLE OFTEN INCLUDED CLEAN, MODERN LINES USED IN MID-CENTURY MODERNIST ARCHITECTURE, DESIGNED MORE THAN 500 HOMES THROUGHOUT THE UNITED STATES, AS WELL AS OTHER ARCHITECTURALLY SIGNIFICANT PROPERTIES SUCH AS THE QUINCY REGIONAL AIRPORT, ST. BONIFACE, NOTRE DAME, AND THE FAMED PATIO RESTAURANT & LOUNGE.
 
ABOUT TANNINGER COMPANIES.
TANNINGER COMPANIES (“TANNINGER”) IS A MULTI-SECTOR COMPANY WITH A ROBUST PORTFOLIO SPANNING HEALTH CARE, ENTERTAINMENT, HOSPITALITY, E-COMMERCE, AND COMMERCIAL AND RESIDENTIAL DEVELOPMENT. TANNINGER OPENED A SECOND GLOBAL HEADQUARTERS IN QUINCY EARLIER THIS YEAR. TANNINGER IS EXCITED ABOUT ITS EXPANSION IN ILLINOIS AND THE POTENTIAL TO CREATE APPROXIMATELY 70 NEW JOBS. 60 OF THE TEAM MEMBERS WILL WORK FOR THE PARENT COMPANY, WITH THE REMAINDER TO BE HIRED FOR THE SURGICAL TEAM OF TANNINGER’S SUBSIDIARY, TANNINGER SCIENCES SPECIALIZES IN BIOMEDICINE AND TELEMEDICINE, AND ITS FLAGSHIP PRODUCT FOCUSES ON USING ROBOTIC TECHNOLOGY FOR HIP AND KNEE REPLACEMENTS.