At long last, the combined $27 million J. Jeffers & Co. apartment and the redevelopment of the former Midland States Bank property are set to begin.

The construction of the 47-unit, three-story apartment will likely begin by mid to late July, and the transformation of the former bank will likely begin shortly, according to an agreement with the Kankakee administration.

The Milwaukee-based development company, J. Jeffers & Co., had to have all of its building plans submitted to the city planning department by June 15, which is this coming Monday.

The final plans were formally approved in May by the Kankakee Planning Board and then ratified on June 1 by the Kankakee City Council.

The 2nd Ward-based apartment project is anticipated to be a $20 million build, while the bank renovation is slated to be about $7 million.

Kankakee taxpayers provided a $1 million incentive.

The agreement between Kankakee and J. Jeffers states the project must be completed by Dec. 31, 2027, meaning the construction window is about 17 months.

Previously, Jeffers said construction should be largely finished by late summer or early fall 2027. Jeffers is targeting an opening of both developments by October 2027.

These developments were initiated under the Mayor Chasity Wells Armstrong administration. The goal was to bring downtown living to Kankakee.

The market-rate apartment building will be located at the southwest corner of South Dearborn Avenue and East Station Street.

The former 30,000-square-foot, two-story bank building, once the longtime home of Kankakee Federal Bank, at the southeast corner of East Station and South Schuyler Avenue, will become a business development location, known as Co.LAB.

The apartment will consist of 42 one-bedroom and 5 two-bedroom units. The term “market rate” means apartment renters will not be assisted by government funding, such as Section 8.

The projects were first announced in 2019. However, through various studies and economic factors, the apartment building was scaled down from five stories and 92 units to its present three-story plan.

The final piece to the development was the expansion of an Illinois redevelopment zone, known as the River Edge Redevelopment Zone. The zone was expanded by the state to include this area of Kankakee.

The legislation was completed in early fall of 2025, which was later than anticipated.

Josh Jeffers, J. Jeffers principle, said earlier this year that his team was ready.

“We’re pumped. We feel real good,” he said after a March presentation to the City Council.