Friday, March 1, 2019
Oswego considers new restaurant and office building for former Village Hall site
On March 19th, the Oswego Village Board is expected to consider a redevelopment agreement that would bring a mixed-use development of new restaurant and office space to the site of the former Village Hall, 113 Main Street, in downtown Oswego.
The agreement with Yorkville-based developer Imperial Investments paves the way for a three-story brick building that is expected to house at least one sit-down restaurant and two floors of office space. Imperial Investments is the team behind for the development that houses the very popular Crusade Burger Bar, Belladonna, and Living Divina Yoga in Yorkville. The Oswego development will round out the development planned for the former Village Hall block, which when finished will also include a Mexican restaurant along Washington Street and a complete reimagining of the streetscape featuring a pedestrian thoroughfare.
“We are excited about the transformation of Oswego’s downtown and felt it was time to expand our portfolio” said Imperial Investment’s Director of Development, Mike Mann. “We have some great ideas for the restaurant that will anchor the building and expand Oswego’s food scene.”
As part of the agreement, the Village will transfer the property to the developer for free, and the Village will be reimbursed for the cost of the property through TIF revenue. All other private development costs will be paid for by the developer.
The Village will fund all the public improvements related to the development, including a new public parking lot, the complete reconstruction of Adams Street, redesign of the alley to make it an inviting pedestrian-friendly promenade, and infrastructure improvements including electric line relocation and water and sewer replacement. The cost of public improvements is expected to be repaid to the Village through TIF revenue and sales taxes, and the improvements will benefit other properties on the block and support future redevelopment.
“We are excited to welcome Imperial Investment’s project as the newest in an exciting string of developments coming to downtown Oswego,” said Village President Gail Johnson. “Our residents said they wanted more dining options, and we are excited to be able to provide not just independent restaurants, but also an inviting ambiance for our downtown where shoppers and diners will be able to gather and will want to linger. These kinds of developments are what can be achieved when we collaborate with those who want to invest in our community and who share in our vision.”
If approved, construction on the block is expected to begin this summer with an opening planned for 2020.
For more information on development opportunities in downtown Oswego, contact Economic Development Director Corinna Cole at 630-551-2334 or firstname.lastname@example.org.
Stay informed on downtown construction
New developments will break ground throughout the spring and summer, bringing new restaurants, shops, free public parking and more to downtown Oswego – and also a little construction dust. For updates on developments, including street closures and other construction-related news, sign up for email alerts by visiting http://www.oswegoil.org/resident-information/newcomers/sign-up-for-newsletter.aspx . Or follow the Village of Oswego on Facebook and Twitter for up-to-the-minute information – you can talk to us using #BuildingOswego.
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