Gautschy’s Corner in Streator was demolished Monday to make way for a new development.
The Streator City Council in August approved a $30,000 economic incentive through a tax increment financing fund to build what the council had talked about at that time could be a possible Arby’s restaurant at the corner of Oakley Avenue and Bloomington Street.
The property’s developer, Charles Walsh Jr. of Streator Equity Group LLC, on Tuesday said he wasn’t able to confirm the business going at the location, but he said the developer is working with a nationally recognized fast-food retail chain and an announcement would come later.
Now that the building is demolished, the developer will need to get an approval from the Environmental Protection Agency, since the property was a former gas station.
Walsh believes construction could begin as soon as the spring on a new business.
Streator Equity Group LLC bought the former gas station and auto repair shop from Robert and Eileen Gautschy. Instead of restoring the building, which initially was considered, the developer will construct a new building.
New construction will generate about $15,000 in property tax increment per year, City Manager David Plyman had advised the City Council.
The owner pays $3,625 per year in property taxes, and two similar restaurants to what was proposed at that time pay between $17,000 and $20,000 per year, Plyman said.
The Streator City Council in November 2022 initially rejected extending an economic incentive to the developer, but after two new council members took office, the economic incentive was approved in August.