Ward 5 Ald. Lakeisha Purchase says she’s putting her money where her mouth is and launching her own business, 5th Street Gem, in a newly renovated building downtown after years of encouraging other entrepreneurs to invest in the area.
“I have a true passion for our downtown, and not just because I represent part of downtown as our alderwoman. I’ve been able to live some of these experiences and journeys while working with the businesses,” Purchase said. She noted that she got to know the owners of Aunt Lou’s Soul Food and Bloom Wine Bar & Florals while those businesses were in the process of renovating and preparing to open.
“Those are both young entrepreneurs who were able to bring something to life that they had a vision for, and they’re doing so well it’s only motivation for others,” she said. “I saw an opportunity to do something, too.”
While Purchase owns numerous residential properties that she rents out, she said the building at 221 S. Fifth St. is her first commercial project.
The property is just north of the Fifth and Monroe intersection, between Gin Mill and Replay Lounge and across from Floyd’s Thirst Parlor. Sebastian’s Hideout and Stella Blue operated from that address for two decades before closing in 2014. Most recently it housed Wet Bar, which closed in 2020 after the business had its liquor license suspended following a fatal shooting outside the nightclub and previous incidents of fighting.
While Purchase said she thinks 5th Street Gem will be “a great addition to our Fifth Street bar hub,” she intends for the space to be more than a traditional bar. She plans to host a variety of public and private events, including business and educational workshops, yoga classes with wine and charcuterie boards, and rental space for legislators and associations to host events.
The renovated space has bars on both the first level and lower level, and Purchase said it was designed to resemble a speakeasy. “It’s a modern, versatile space with luxury furniture,” she said.
With the end of the legislative session currently underway, Purchase said she has already started hosting a few private events and plans to have it open to the public by the end of June. The signage was installed last week.
“I wanted to stay local, so Ace Sign did the beautiful sign outside,” said Purchase. “It’s LED, so it lights up. …I was inspired by Floyd’s.”
In addition to the already completed interior renovations, Purchase said she plans to “keep doing the exterior upgrades” as she is able. “I’m an entrepreneur, but I don’t have access to the same resources as the other businesses,” she said, referring to her inability to apply for TIF funding as some other downtown property owners have done.
In February, Purchase was prohibited from voting or taking part in debate on a TIF request from a different property owner in the Central Area TIF on the advice of Greg Moredock, the city’s chief legal counsel. Moredock said state law governing TIF districts prohibits a city council member from being involved in discussions or votes for that specific TIF, although that interpretation had never previously been applied during Mayor Misty Buscher’s administration or prior administrations.
Since then, the Springfield City Council has passed an ordinance to carve out Purchase’s property from the Central Area TIF, at her request, so that she will now be able to vote on other projects that come forward.
Despite the challenges, Purchase said she’s excited to offer a space that “fuels innovation and economic growth” and helps people make meaningful connections.
“I’ve put my sweat, blood and tears into this whole building,” she said. “This is something pretty unique for our downtown, and I’m excited about that.”
