New clinic for seniors ‘big win’ for downtown Rockford

kaney group logo

ROCKFORD, March 30 — A high-profile downtown location has attracted a growing Chicago-area network of clinics catering to seniors.

Oak Street Health, which tailors care, classes and events to the needs of older adults with Medicare, is expected to open this summer in 12,000 square feet of space at 301 E. State St.

This deal represents a $1.1 million investment to remodel the property and a 15-year lease commitment.

“For our once struggling downtown, this represents another in a string of big wins. Oak Street symbolizes another huge vote of confidence in our city’s core,” said Jeff Kaney, CEO of Kaney Group, LLC, which owns the property. “They will bring in high-paying medical jobs, which further increases the strength and diversity of the downtown Rockford business climate.”

The clinic plans to hire 18 people, including physicians and nurses, in 2015 and double its staff by 2019. Over a five-year period, the company expects to pay $10.6 million in salaries and benefits.

“Oak Street Health is an important development that serves the greater community and fits nicely into our growing downtown revival,” said Michael Nicholas, president of the Rockford Area Economic Development Council. “At the present time, we are seeing more than $90 million being invested in downtown Rockford.”

Local media coverage:
Rockford Register Star

The Kaney Group is a collection of inter-related companies, which includes Commercial Real Estate (Kaney Aviation Properties, LLC), Aerospace Engineering (Kaney Aerospace, Inc.), Precision Manufacturing (Ardekin Precision, LLC and Kaney Aerospace Repair Station, LLC) and Capital Funding (Kaney Capital, LLC). The Kaney Group has holdings in eight states and offices in Rockford, Illinois, and Seattle, Washington.

The primary role of the Rockford Area Economic Development Council (RAEDC) is to collaboratively improve the economic strength of the Rockford Region by helping employers retain and create quality jobs. The RAEDC works closely with many partners to learn what existing and new employers need to grow, and to serve as a one-stop resource for clients. The RAEDC seeks to improve the competitiveness of the region by taking what it learns from the region’s employers, and engaging the community in the daily work of economic development.


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