A local developer is exploring the possibility of transforming a former candy factory and now vacant downtown Galesburg building into a mixed-use facility that could include retail, residential and/or dining.
Benedict Holdings LLC is seeking a six-month option from the City of Galesburg to purchase the city-owned property at 465 Mulberry St. along with the vacant lot to the east. Originally a confectionary factory and for many years home to Ferris Moving & Storage, the building was marketed to be a boutique hotel.
In 2008, the Galesburg City Council approved the purchase of these properties with the intention that they be redeveloped.
Rob Benedict said he will expend significant time and resources completing due diligence and planning associated with the project. The price of this option is set at $1 with the option to purchase the property within the option period for a purchase price amount of fair market value based upon an appraisal.
Benedict tells WGIL, “For one, it’s just a really nice solid building, but it needs a lot of money put into it. At this point, I’m not even sure it will be feasible.
“We’re going to see if it’s something we can develop, and tie into our nearby The Vault at Reserve Artisan Ales event center.”
Ferris Building Project by WGIL Radio on Scribd
He envisions the first floor of 465 Mulberry St. being occupied by retail, while the second floor could be an Airbnb-type of temporary accommodations.
Benedict said he would share the cost of an appraisal for the property with the city.
In 2021, the City Council approved a feasibility study to explore locating the National Railroad Hall of Fame in the 465 Mulberry St. building. And local real estate broker Kit Wilcox at one time had an option to purchase the building, but that deal has expired.
The ordinance to execute the option agreement for Benedict Holdings would require a vote of two-thirds of the corporate authorities holding office, or 6 of 8 votes including the Council members and the mayor.
Late historian Tom Wilson, in a 2010 column for The Register-Mail, reported bothers Thomas, William and Jesse McCollum constructed the three-story building in 1918. McCollum Candies ceased operations in 1941.
In other real estate news, Benedict Holdings also purchased Bertis Carlson Trucking Inc. at 1480 S. Henderson St. The listed sale price was $425,000.
Benedict said he will search for a tenant for the property, adding, “We’re committed to Galesburg, and making investments in our community everyday.”
