PERU, IN — A major redevelopment project is set to breathe new life into one of
Downtown Peru’s most historic landmarks. The 2 N. Broadway Lofts and Monocle project will
restore and rehabilitate a key building located in the center of town, preserving its rich history
while introducing vibrant new uses for the community.
Originally constructed in 1895, the three-story, 36,600-square-foot building has long served as a
cornerstone of architecture and commerce in Peru. Over the years, it has housed financial
institutions, retail shops, professional offices, and even a drapery manufacturer. While the first
and second floors have seen recent use, the third floor has remained unoccupied since the
early 1950s.
Adding to the building’s unique character is an observation room above the third floor—
rumored to have once been used by bank guards to watch for potential robbers, including the
infamous John Dillinger. One wall of the space still bears signatures from residents dating back
to the early 1900s, offering a tangible connection to the building’s storied past.
Following the decision by the most recent financial institution owner to sell the property, the
City of Peru and the Miami County Economic Development Authority (MCEDA) leveraged their
Key Building Rehabilitation Program to facilitate its redevelopment. This program exemplifies a
successful public-private partnership, providing matching funds of up to 50% to restore
significant downtown properties. To date, four buildings have been revitalized through the
initiative.
MCEDA negotiated the purchase of the property and issued a call for private development
partners. In alignment with the City’s vision for downtown growth, the ideal use included a
destination restaurant on the first floor, along with professional office spaces. Market-rate
apartments will be on the second and third floors.
That vision became reality when Gilbert Development Properties (GDP), led by local developer
Jeremy Gilbert, submitted a proposal. After several months of collaboration, an agreement was
finalized between GDP, the City of Peru, and MCEDA outlining responsibilities and financial
contributions for the project.
The total investment for the redevelopment is $3.7 million. Funding includes:
• $625,000 READI Grant from the State of Indiana
• $625,000 Lilly Endowment Blight Elimination Grant
• $936,000 in Redevelopment Tax Credits from the Indiana Economic Development
Corporation
• $700,000 in CEDIT funds from the City of Peru
• Remaining funds provided by Gilbert Development Properties
Upon completion, the building will be home to Monocle, an upscale, full-service restaurant on
the first floor, along with 15 modern downtown apartments on the second and third floors.
Monocle will be owned and operated by Allie Alwine, who brings extensive experience from the
Indianapolis and Carmel restaurant scene. Her vision is to create a refined yet welcoming dining
destination featuring American and French-inspired cuisine. A standout feature of the
restaurant will be the incorporation of the building’s original bank vault and vault door into the
dining experience. Monocle aims to serve not only local residents but also attract visitors from
across the region.
The upper floors will offer 15 market-rate apartments in a variety of layouts. These units will
feature hardwood floors, quartz countertops, stainless steel appliances, in-unit washers and
dryers, dedicated office spaces, storage units, private off-street parking, high-speed internet,
24-hour surveillance, and secure electronic access. Located within walking distance of
downtown amenities, the apartments will provide a modern living experience in a historic
setting.
The project represents the collective efforts of many individuals and organizations, including
Mayor Don Sturch, the Peru City Council, Clerk-Treasurer Andrea Newnum, the MCEDA Board
of Directors, Indiana Economic Development Corporation READI program, North Central Indiana
Regional Planning Council and Steven Ray, the Key Building Rehabilitation Committee, and the
MCEDA Revolving Loan Committee. Special recognition is also given to Jeremy Gilbert and his
team at GDP, and Allie Alwine of Monocle.
Additional thanks go to Matthew Jelenek and Regine Brindle for their work documenting the
building’s historic features through photography.
The 2 N. Broadway Lofts and Monocle project marks an exciting new chapter for Downtown
Peru—honoring its past while building a vibrant future. You can find more information about 2
N. Broadway Lofts and Monocle at their website www.2BroadwayLofts.com
Construction is set to begin in April 2026, with completion estimated for October 2026.
For more information, please contact:
Miami County Economic Development Authority, 1525 W. Hoosier Blvd, Peru, IN 46970, Phone: 765-689-0159
