Scottish Rite Theatre, Sankoty Lakes and other KDB properties are put up for sale
Peoria entrepreneur and property developer Kim Blickenstaff, who has pumped tens of millions of dollars into real estate development in Peoria in recent years, is selling several of his properties at multimillion-dollar price tags.
KDB Group listed the 800-seat Scottish Rite Theatre in downtown Peoria for $8.5 million, after spending millions of dollars restoring the concert and event venue to its former glory. Likewise, the former Pabst building in Peoria Heights, which now plays host to a Pabst-themed bar that opened in 2021, has been listed for $3.5 million.
More: This downtown Peoria restaurant is being reorganized before it reopens
Blickenstaff's "glamping" resort in Woodford County, Sankoty Lakes, which opened in the spring of 2021 on the banks of the Illinois River featuring an RV park, tents, outdoor activities and an on-site restaurant, the Woolly Bugger, is also on the market, for $10.9 million.
The Save A Lot grocery store located on North Prospect Road in Peoria Heights, another Blickenstaff property, is now on the market for $1.8 million. The listing boasts the properties 12,880-square-feet of space, tagging it "ripe for new development."
The Betty Jayne Brimmer Center for the Performing Arts in Peoria Heights, purchased by Blickenstaff in 2018, is listed at $2.4 million.
Investing to 'honor' history and 'preserve' character
Blickenstaff, a graduate of East Peoria Community High School, launched the KDB Investment Group in 2018 and began using money he made as a biotech entrepreneur to kick-start a sweeping effort to rehab and restore historic landmarks in Peoria.
The listing of the properties comes after a February announcement by Blickenstaff's group that they would be "re-evaluating" their projects in Peoria.
While Blickenstaff's investments produced successful ventures such as the Scottish Rite Theatre and Betty Jayne Brimmer Center, other investments and bold ideas were either delayed by the coronavirus pandemic, shut down or failed to get off the ground altogether.
More: 'Worth the wait': New Metro Centre restaurant gets ready to open
KDB group purchased the iconic Hale Memorial Church at the corner of Main and High streets in Peoria in 2021 with hopes of restoring the landmark from a dilapidated eyesore to the beautiful church it once was.
Not long after purchasing the property, however, a decision was made to give the church "death with dignity" and it met a wrecking ball in August 2022 after a determination it was too far gone to be rehabilitated.
Similarly, an ambitious dream by Blickenstaff to build a park over Interstate 74 in downtown Peoria dubbed "InterPlay Park" never materialized.
The InterPlay Park project was born from Blickenstaff's long-held feeling that the building of I-74 cut downtown Peoria off from the rest of the city as a "center of commerce," and he hoped the proposed green space above the highway would reunite downtown with its neighboring areas of the city.
But, with a projected price tag of up to $200 million for the project and no promise of federal funding despite efforts by Blickenstaff and former Secretary of Transportation Ray LaHood, the project hit a wall.
This article originally appeared on Journal Star: Scottish Rite Theatre, Sankoty Lakes listed for sale by KDB Group
