Peoria – The City of Peoria and the Comfort Family are pleased to announce that NXG Developments, a local development group, have begun negotiations on the acquisition of the historic Madison Theater and the adjacent parking lot. NXG Developments is an investment group lead by two members of the Peoria business community, Katie Arnholt Kim and Jim Grube. In addition to investors, NXG Developments has put together a local project team that includes The Farnsworth Group, Inc., Horan Construction, Inc., and ReMax Unlimited Commercial. The team is proposing a complete renovation of the Madison Theater and adjoining Main Street retail space as well as the construction of a multi-story mixed-use structure at the corner of Madison Street and Hamilton Avenue.

“We are extremely excited about the concepts that NXG Developments have presented and are confident they are the right team to execute such an important project,” said Mayor Jim Ardis. “Their plan, while still in the very early stages, maximizes the opportunity. They understand both the value of the historic structure and the possibilities that new construction can bring.”

The City and the Comfort family have agreed to an exclusive 90-day window in which NXG Developments will be given exclusive negotiation rights to both properties. This window will allow NXG Developments, the City and the Comfort Family to determine a fair price for acquisition, a key variable in the overall project. Once a price is established, NXG Developments can begin the detailed planning required to solidify their development, as well as begin marketing and financing activities. Sale of the City’s surface parking lot is subject to approval by the City Council.