SAVOY— Plans for a new downtown square in Savoy are moving forward after the village selected a new developer for the project.
The village announced in a news release this week it has selected Main Street Development Partners to redevelop a nearly three-acre site at the corner of Dunlap Avenue and Church Street. MSDP is a joint venture between Tabeling Development Company and Community Property Management, two developers from the area.
The proposal includes construction of a public plaza with a stage for community events as well as mixed-use buildings with apartments, restaurants, shops and other potential businesses.
“Savoy has been waiting for a downtown that brings people together,” said Austin Tabeling, general manager of Tabeling Development Company, in a statement.“ This new development will provide a plaza for events and markets, storefronts for various business types, and quality new living spaces to create a thriving, centralized district.”
In July, the village announced the original partners for its downtown project had withdrawn as they could “no longer meet the financial requirements” of their agreement.
Crews have already demolished structures at the project site and prepared it for redevelopment.
The village said it will negotiate a final agreement with MSDP before seeking approval from the village Board of Trustees.
The developers expect construction on a new downtown for Savoy could begin sometime in 2027.