Oswego board approves deal for The Reserve at Hudson Crossing
OSWEGO, ILL. – On Monday, Dec. 11, 2017, the Oswego Village Board voted unanimously to officially approve the deal struck between the Village and Shodeen Group for The Reserve at Hudson Crossing, a residential and commercial development in the heart of downtown Oswego.
The new $64 million development is designed to bring more residents, more shops and dining, more parking, and a more charming downtown experience to the vacant lot that was once the site of the former Alexander Lumber yard.
The approved proposal includes two six-story buildings, nestled between the Village’s downtown core and its picturesque riverfront Hudson Crossing Park, that have been designed to anchor downtown Oswego’s revitalization as a shopping and dining destination. In addition to 245 luxury apartments, The Reserve will include 12,000 square feet of new restaurants and shops along Washington Street (Route 34), a redesigned streetscape with benches and lighting, plus two levels of public parking that will create 506 spaces for residents and downtown shoppers.
By combining the lumberyard site and adjacent properties to the north, the project approved Monday night will be larger than initially anticipated for the site. The significant scale of the project is expected to jump-start investment and accelerate the rate of redevelopment for downtown Oswego as a whole.
The Village’s contributions to the project total approximately $7 million, all of which is eligible to be reimbursed to the Village through future TIF-funded projects, and includes the initial land purchase that made the deal possible, as well as the complete reconstruction, infrastructure improvement, and redesign of Harrison, Jackson and Adams Streets, which are aging and in need of repair. To back the construction of the publicly owned parking deck, the Village will additionally issue a $16 million bond to be repaid by Shodeen through incremental property tax payments.
At the end of the project, the Village will own the parking decks, and, along with the street reconstruction project, the Village will acquire assets worth approximately $20 million.
Shodeen will contribute a total private investment of $57 million, split between $41 million in traditional private financing and $16 million in TIF increment property taxes.
Following Monday night’s formal approval of the agreement, it will take approximately one year to break ground, and move-in for the large project is expected by fall 2021.
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