John Bays' Premier Building Hits Home Stretch

JOLIET, IL — Less than two years after Joliet commercial real estate investor John Bays acquired the empty and deteriorating Premier Building along downtown Joliet's Jackson Street, the building looks nothing like it did in 2019.

A chandelier hangs from the entrance lobby for Consumer Financial Services Corporation and Cross Paths. Both Joliet businesses signed multi-year leases to occupy professional office space Bays created on the first floor.

Meade Electric occupies the back portion of the building.

Bays told Joliet Patch that all the first-floor space is leased. He and his contractors with Bays Investments are now busy renovating the second floor portion of the 40,000-square-foot building.

Bays said he hopes to attract another five to six tenants to lease professional office space on the second level. The Premier Building is next to the Jackson Street Bridge and across the street from Catrina's Mex, which was the legendary Keg pizzeria for decades.

Five years ago, both the Keg and the Premier Building were empty buildings that were a drag on downtown Joliet's City Center, but that's not the case anymore.

Before moving into the Premier Building, Cross Paths had been leasing space for several years on Joliet's west side along Republic Avenue. When their building was sold, Cross Paths had to look for another location.

"We’re a leader in filling permanent, temporary Employment Placement opportunities in the greater Chicagoland area," its website proclaims.

Last September, Bays added his first major tenant, Consumer Financial Services Corporation, also known as CFS of Joliet.

Their company is a traditional hometown full-service consumer finance company. About 85 percent of their work involves repeat business, they said.

These days, Bays has more than enough to keep himself busy. A few blocks away, Bays continues to renovate the interior of the Two Rialto Square Building. The first four floors are being used for professional offices, and Bays is converting the two top floors into luxury apartment lofts.

A large portion of the first floor area of Two Rialto Square is being turned into a sit-down restaurant and bar. In the coming months, Bays said he hopes to select someone to open the restaurant. He said he has several prospective entrepreneurs who want to run it.