Despite shorter days and chilly temperatures, the Village of Oswego and Shodeen Group celebrated the start of construction on The Reserve at Hudson Crossing, the transformational project on the site of the former Alexander Lumberyard, with a groundbreaking ceremony Tuesday afternoon.
“Construction is underway. It’s a great cause for celebration,” said Village President Troy Parlier. “And it’s underway on what will be the largest and most historic investment in downtown Oswego. This development represents the confidence that investors have in our thriving community.”
The Reserve at Hudson Crossing, when complete, will be a $69 million six-story, two-building development will bring luxury apartment living, experiential retail, restaurant space, free public parking decks and street improvements to downtown Oswego. The development will sit on the site of the former Alexander Lumberyard, which was vacant for about a decade before the Village purchased and began marketing the property to potential investors.
“This project is a long time in the making,” Village Manager Dan Di Santo said. “This project is something we’re thrilled about. The number one thing we hear in Oswego is ‘We want independent restaurants. We want places to live and work downtown. We want friendlier streets to walk on and a better entrance to the park.’ All of this is coming in this project.”
Construction is expected to move quickly, with excavation and utility work to continue through the winter. Public improvements, including the complete reconstruction of portions of Adams, Jackson and Harrison Streets, are expected to be completed by November 2020. The public parking deck, which will offer free covered parking to downtown shoppers, is also expected to be completed and opened around that time.
The project happened in part because of funding through the State of Illinois’ enterprise zone investment tax credit, designed to stimulate economic growth and neighborhood revitalization, which was secured by Rep. Keith Wheeler.
“While no other tax credit was being issued in the state of Illinois, through a lot of hard work, together we got this done and the governor’s office approved this for Oswego,” Wheeler said. “We were the only ones to get this at that time.”
The project will be constructed in two phases. The first phase includes the south building, which will feature approximately 176 luxury apartments, 10,100 square feet of retail along Washington Street, and a restaurant with outdoor dining along Washington Street. In addition, parking decks on the lowest floors of the development will continue to be owned by the Village and will provide approximately 341 spaces of free covered parking for downtown shoppers and diners.
During the groundbreaking, Shodeen President Dave Patzelt described why Shodeen was drawn to partner and build in downtown Oswego.
“We’re in the Fox River Valley. We’re in the heart of the downtown. Our residents are going to be able to dine, shop, be entertained here in the downtown,” said Dave Patzelt, president of Shodeen. “It’s also in the heart of Oswego and with the people of Oswego, the character, the charm, the great community that you have here, the Shodeen family is quite proud to have this, our first project here in Oswego.”
Stay up to date on construction information
Street closures on sections of Adams, Jackson and Harrison Streets in the immediate vicinity of the project are in effect as crews have begun excavating the site. For updates on street closures and other construction-related news, sign up for email alerts from the Village of Oswego. Visit www.oswegoil.org and click on the blue E-Mail Alerts button.
More information on downtown Oswego’s new developments, including maps of the new projects and anticipated street closures, is available at www.goOswego.org/coming-soon.