Houston Businessman Kenny Banks Invests In Downtown Joliet

JOLIET, IL — People are taking notice of downtown Joliet's revitalization efforts as far away as Houston, Texas. Joliet's downtown has welcomed several new restaurants and a few new private companies over the past two years. Now, the city wants to see more working professionals make downtown their permanent residence. And that's where Kenny Banks enters the picture.

Banks, who now lives in Houston, has purchased the long-vacant brick building across the street from the Will County Office Building. Banks is converting his property into nine apartment units. The address is 317 N. Chicago St.

City Economic Development Specialist Derek Conley said Joliet's City Center Partnership authorized a $20,000 grant for the project because Banks is making a significant capital investment rehabilitating the vacant building.

In the past, the empty brick building had problems with vagrancy, Conley said.

What does Conley think about Banks' efforts to bring more residential to downtown?

"We support it," he said. "This matches our downtown master plan. Currently, that's a building that hasn't been utilized in years so we're happy to see it utilized because it's a beautiful building. We're seeing more developers interested in downtown, and I think that's a result because a lot is happening."

Conley mentioned January's opening of the elegant CUT 158 Steakhouse on North Chicago Street and last fall's opening of the Catrinas Mex Real Mexican Food restaurant at the site of the former Olde Keg pizzeria. That building at the corner of Jackson and Ottawa had sat vacant for nine years.

Also last fall, downtown welcomed K Ribs BBQ, an authentic Korean barbecue restaurant as well as the DeWitt's Gourmet cookie shop on Cass Street.

Back in September 2017, MyGrain Brewing Company, Joliet's first microbrewery, opened downtown at the historic Union Station. And there's also the Elder Brewing microbrewery at 218 E. Cass Street.

"We're seeing a lot of private investment, and I think that's driving more private investment," Conley told Joliet Patch.

Banks, whose Houston company is involved in commercial, industrial and residential construction, told Joliet Patch on Thursday that his downtown Joliet investment property will be called the Whatley Flats.

He said the apartment units will range in rent between $1,000 and $1,400 per month. Units are between one bedroom and four bedrooms.

All will have their own washers and dryers. There are also seven enclosed garages.

Banks said it's his goal to have a few of the renovated apartment units rented out within the next 60 to 90 days.

The Whatley Flats building was constructed in 1905.

"That building has so much character," Banks told Joliet Patch during Thursday's phone interview. "I do real estate, and I'm still very connected to Joliet, and I have my own construction company down in Texas."

Banks said his family has strong roots in Joliet dating back to the late 1940s. He said his mother ran a business and taught cosmetology. He remembers when downtown Joliet was strong, when it was anchored by the Sears and JCPenney department stores.

Banks, who grew up in Joliet and Lockport, attended Lockport Township High School where he was a star athlete, especially in track and field. He later trained for the U.S. Olympics, and he was a national champion in track and field.

Now, downtown Joliet is undergoing a "second revitalization" period, Banks noted.

He also pointed out that there are hundreds of students from Joliet Junior College and the University of St. Francis who are downtown daily for classes.

So what made Banks decide to sink his money into a downtown Joliet property that wasn't a commercial building?

"Just seeing the energy," he answered.

"The goal is to create a bigger capacity down there. We're definitely happy to contribute to that."

Banks also hinted that perhaps the Whatley Flats won't be his only project in downtown Joliet that you'll be hearing about.

"We've got a couple other things we're looking at," he said.

Banks said he's already had several inquiries about Whatley Flats.

Still, if you or someone you know is interested in learning more about the new downtown Joliet apartments Banks will have available, he said you can call him at 713-203-2505 or send him an email at kbanks@houstonkaco.com.