The Village of Savoy has a new partner to finally bring its long-stalled downtown square to life. Village officials announced Thursday that they selected Main Street Development Partners to redevelop a nearly three-acre site at the corner of Dunlap Avenue and Church Street, reviving a project that lost its original developer earlier this year.
The announcement, made on October 29, comes after Downtown Development Group LLC withdrew from the project in July, saying it could no longer meet the financial requirements of its agreement with the village, according to ipmnewsroom.org. That group had originally been selected as the village's development partner back in April 2024, as news-gazette.com reported, meaning Savoy spent more than two years working toward a deal that ultimately fell apart.
Main Street Development Partners, known as MSDP, is a joint venture between Tabeling Development Company and Community Property Management, according to WAND. The size of the site itself has been reported with slight variation — ipmnewsroom.org and WAND describe it as nearly three acres, while news-gazette.com puts the figure at 2.82 acres and a WCIA report lists it as 2.83 acres at the same Dunlap Avenue and Church Street intersection.
What's Planned for the Site
The proposal calls for four mixed-use buildings with storefronts designed for local cafés, restaurants, shops, services and apartments, the news-gazette.com report notes. At the center of the block, the plan includes a public plaza with a stage intended to host community gatherings and events.
Austin Tabeling told WCIA he expects the project to cost more than $30 million, a figure that dwarfs the roughly $18 million price tag once attached to Downtown Development Group's earlier concept, according to news-gazette.com. That prior proposal had envisioned five mixed-use buildings surrounding a publicly owned event and gathering space on about three acres, per a separate news-gazette.com report, before the developer determined it could no longer meet the redevelopment agreement's financial terms.
Village Officials Weigh In
Village Administrator Andy Quarnstrom said MSDP's proposal meets Savoy's criteria for an inviting and attractive new downtown design. He added that the village appreciates partnering with a local builder with strong capital relationships, and that the team demonstrated an ability to carry the project from a redevelopment agreement through long-term ownership.
Before any shovels hit the ground, a final partnership agreement must still be negotiated and approved by the Village Board of Trustees. The village has already cleared the way physically: this spring, Savoy completed demolition of the site and soil preparation for a shovel-ready area, according to foxillinois.com. That demolition followed plans to clear four buildings described as dilapidated, as previously reported by news-gazette.com.
Looking Ahead to 2027
MSDP expects construction to start next year, pending final approvals and closing, per the foxillinois.com report. The village has framed the project as a response to growing demand in Savoy for flexible, publicly accessible space to host gatherings, markets, and other civic and social events, according to a statement posted on savoy.illinois.gov. With a new developer now in place, Savoy residents may finally see visible progress on a downtown square that has been years in the making.
