Work To Begin On $69M Downtown Development Hudson Crossing

OSWEGO, IL — The $69 million development project that will overhaul the makeup of Downtown Oswego is officially a go, with work on the project slated to begin in early November. Developer Shodeen Group and the Village of Oswego announced Tuesday that the long-discussed project had secured financing and work permits have been issued.

Known as Hudson Crossing, the development will include two, six-story buildings that will house luxury apartments and over 10,000-square-feet of retail and commercial space. The development will rise on the former site of Alexander Lumberyard on Washington Street in Downtown Oswego.

Excavation and utility work at the site are expected to begin in early November, with public improvements being completed by November 2020, the village said in a statement. The development will be completed in phases, with final completion scheduled by the end of 2020. Demolition of the site began in February.

“What we have here in Oswego is the opportunity to build something very special in a great downtown riverfront setting,” Dave Patzelt, president of Geneva-based Shodeen, said in a statement. “I am excited and pleased to say that after all of the planning work by so many people, we are now officially starting the construction phase on this mixed-use building that will be a tremendous asset to downtown Oswego.”

The first phase of the project will include the south building, which will feature 175 luxury apartments, 10,000 square feet of retail along Washington Street and a restaurant with outdoor seating. Nearby streetscapes will also be rebuilt, the village said. A second phase will include more apartments, a parking garage and other components.The entire project is slated to include 245 apartments.

Shodeen has closed on its financing for only the first phase of the development, the village and developer said in a statement.

Plans for Hudson Crossing were approved in 2017, with the village agreeing to contribute $7 million in funds that are eligible for reimbursement through a tax increment financing district. The village will eventually own the development's parking decks.

“We are very pleased for this day to come,” said Village President Troy Parlier. “This culminates a great deal of time and effort by many people on all sides."

Street closures on sections of Adams, Jackson and Harrison streets are expected as work begins in November.

Nearby to the development site, the village is at work on public improvements to the area known as Block 11, which will eventually house a new restaurant, a mixed-use building with office space, and the Dairy Hut redevelopment.