Oswego Approves $64m Downtown Project

OSWEGO, IL — Oswego’s Village Board voted unanimously Monday to approve a $64 million deal for downtown development. The Reserve at Hudson Crossing is expected to bring more residents, shops, dining and parking to Oswego in 2021. The deal was struck between the Village and Shodeen, Inc., the developer.

According to the Village, the proposal includes two, six-story buildings between the downtown core and Hudson Crossing Park on the riverfront, 245 luxury apartments, 12,000 square feet of new restaurants and shops along Washington Street, and more than 500 parking spaces near a redesigned streetscape. The project will be larger than previously thought, said the press release, because not only will it utilize a site formerly occupied by the Alexander Lumber Yard, it will include adjacent properties to the north.

The Village’s contributions total about $7 million, all of which are eligible through reimbursement with tax increment financing projects. The figure includes the initial land purchase, as well as the complete reconstruction, infrastructure improvement and redesign of three ageing streets: Harrison, Jackson and Adams. At the end of the project, the Village will have about $20 million in assets from the street reconstruction project. It will also own the parking decks.

The Village is also issuing a $16 million bond to be repaid by the developer’s incremental property tax payments. Shodeen will also contribute $41 million in traditional private financing in addition to the TIF increment property taxes.

Crews are expected to break ground in a year.

Elevations of Adams, Harrison and Washington Streets in downtown Oswego for the Reserve at Hudson Crossing. Source: Shodeen, Inc., provided by Village of Oswego