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The Madison

The Madison restoration includes the theater itself, as well as approximately 160 feet of two story Main Street frontage. The block begins at Madison Street and continues Northwest up to and including what is now referred to as The Neon Bison (former Judge’s Chamber).

Over 25 community groups have been identified as potential users of The Madison. With groups ranging from Resident Artists to single event users, 75-90 performances per year are anticipated at The Madison, with opportunity for more. In an effort to to keep the space affordable for all types of users, the facility will have a user fee structure with varying fees for different types of users. Accompanying the theater restoration will be a full service restaurant and event space along the Main Street frontage.

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Historic Renovation

The Madison renovation is focused on what it brings to Peoria and Central Illinois. It’s strategic location, when renovated, will benefit surrounding business and property owners for blocks each direction. It’s 1600 +/- capacity will fill a gap between the community’s largest theater – at the Peoria Civic Center (2200 seats) – and an about 40-50% smaller venue at the recently and beautifully restored Scottish Rite Cathedral (900 seats). And most importantly, its beauty will encourage generations to come to perform, preserve our past, and support our community.

1600+/- seats
Planned opening:
2nd Quarter 2024
$30-$35 million
estimated budget
Over 25 community
groups will use

The intent is to renovate The Madison in keeping with the guidelines of the National Register of Historic Places (National Park Service) and both federal and state historic tax credits.

Timeline

3rd Quarter 2021 - Continue with formation and funding of initial purchase; interface with SHPO (historic Presercation office)

4th Quarter 2021 - Close on purchase, focus on Capital Stack

1st/2nd Quarter 2022 - Design and Capital stack

End of 2nd Quarter 2022 - Target completion of Capital Stack

3rd/4th Quarter 2022 and all of 2023 - Construction

2nd Quarter 2024 - Opening of Theater

Project Details

A local development group, working with the current owners who had inherited the property from their parents, see a path forward that appears financially feasible for all involved. This path requires sacrifice–sacrifice from the current owners whose financial benefit will be a fraction of what they once believed; sacrifice from the professionals who put at risk hundreds if not thousands of hours of real time, out of pocket expense, intellectual capital and opportunity costs; and financial sacrifice–real dollars that will be donated, granted, loaned or otherwise put forth into the project.

The developer is a not-for-profit organization (501c3 pending) – The Madison Preservation Association – formed for the sole purpose of redeveloping, renovating and operating The Madison Theater. The Association was formed by local community members Jeff Giebelhausen, Pamela Johnson, Cody Giebelhausen, Eric Heard, Becki Salmon, Pam Orear, and Lee Wenger.

Key Service Providers
and Team Members

Architect and Engineering Lead: Farnsworth Group

General Contractor: River City Construction

Development Advisors: Real Estate Advancement Professionals

Historic Preservation Advisor: Mike Jackson, FAIA - former Deputy State Historic Preservation Officer

Media & Marketing Services: Central States Media

Accounting: CliftonLarsonAllen

Historic and New Market Tax Credits: CliftonLarsonAllen and Emerald Capital Advisors

Legal Services for The Madison Preservation Association: Karen Stumpe - Kavanaugh, Scully, Sudow, White & Fredrick, P.C.

Legal Services for The Main Street Madison Facilitation Company: Fadi Rustom-Hall, Rustom & Fritz

Contact

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