As the footbridge approached its 100th anniversary, it became apparent that a major rehabilitation was required to preserve the aging structure. The City of Springfield partnered with the Commercial Club and the Urban Districts Alliance to obtain federal transportation enhancement grants and Community Development Block Grant funding to save the historic footbridge.
In addition to the extensive rehabilitation work on the footbridge, a gathering place plaza was created adjacent to the Commercial Street terminus. The rehabilitation work was conducted in 2001 and 2002 at a cost of just over $518,000. Nearly 100 years after the original footbridge was constructed, the rehabilitated structure was reopened to pedestrian traffic and rededicated April 17, 2002.