John Bays: 20 Luxury Apartments Ready For Downtown Joliet

JOLIET, IL — Within the next two weeks, John Bays expects to have his first tenants moving into the fifth and sixth floors of his Two Rialto Square Building in downtown Joliet. Bays told Joliet Patch he has invested more than $6 million into improvements since he acquired it in December 2018.

"A lot of it was for heating and electrical," Bays said of his costly upgrades. "This was a hard thing to layout. Nothing was re-usable. I put in all new fire alarms, sprinkler systems and intercom systems. And we did the whole building in LED lights."

Bays currently has eight companies renting office space on the first four floors. He has turned the top two floors into 20 luxury apartments. Eighteen of the apartments feature one bedroom and two feature two bedrooms.

Several of the apartments are furnished, Bays said. The 20 new apartments offer kitchens, living rooms, bathrooms and bedrooms. The kitchen counters are made of granite.

Bays said that even though he has not advertised that his new apartments are available for lease,"nine of the 20 units are already taken. It's all attorneys and businesspeople so far. I've got four people that want to move in this weekend. But I can't until they pass (city) inspection," Bays said.

Both of the two-bedroom apartments are taken, he said.

Many of the apartments at Two Rialto Square have their own washer and drier. For those that don't, Bays has built laundry rooms on both the fifth and sixth floors.

Bays said tenants with have access to an enclosed parking garage he is building on the top level of the Scott Street parking deck.

Bays recently acquired the parking garage from the city of Joliet.

When Bays acquired the six-story Two Rialto Square Building nearly three years ago, the structure was in deteriorating condition. It sustained several major floods because of broken pipes. Because of the recurring flooding, most of the professional office tenants broke their lease and moved elsewhere.

This week, about 20 employees with Bays Investments were busy on the fifth and sixth floors installing carpeting and hauling new appliances into the units.

Patch asked Bays what he plans to charge for monthly rent at his Two Rialto Square Building.

He said the two-bedroom units are being rented for $2,200. He said he is still finalizing the rent for his other units, but it will probably be between $1,300 and $1,700, and that includes the enclosed garage parking.

"By Friday, this (sixth) floor will be done and by next Friday, the fifth floor will all be done," Bays remarked. "These are clean apartments, and they are going to stay clean. I'm sure of that."

By the end of September, Bays said he plans to have an announcement as far as the new restaurant he is building on the first level, across the hall from the Joliet Chamber of Commerce office.

The timing of Bays' restaurant project coincides with the Rialto Square Theatre's return to regular programming. On Sunday night, more than 1,700 people attended country music star Dwight Yoakam's concert.

Patch asked Bays why he bought the Two Rialto Square Building.

After all, most of the professional office tenants were jumping ship and the building was falling apart in 2018 because of the recurring water main breaks.

When the Rialto's board put the property up for sale, Bays emerged as the buyer. The six-story building is at 116 North Chicago St.

"I love to turn around losers," Bays said Tuesday afternoon. "This is the 58th (struggling) building that I've bought. I only buy failed things, car washes, bowling alleys, car dealerships, shopping centers, hotels, and every one of them has become a success.

"And now I have a parking deck. I'm into parking decks now," he laughed.

Bays said he's confident all 20 of his apartments will be rented out and occupied this fall.

"It's all about taking care of people; that's where the money is at," Bays said. "You will never find someone that says I cheated them. My reputation is more important than money."

Related Joliet Patch coverage:

Bays Brings Two Rialto Square Building Back To Life

John Bays Bringing High End Apartments To Downtown Joliet

Another Water Pipe Break In Two Rialto Square