Oswego Village President Gail Johnson and the village board of trustees have announced the selection of Shodeen Group, LLC as the developer for the former Alexander Lumberyard site in the village's downtown.
The village board will consider a purchase and sale agreement with Shodeen during their next meeting on Tuesday, March 21. If approved by the board, the agreement would authorize Shodeen to pursue development approval for the site through the village's public review process.
According to a statement released by the village, Shodeen plans to develop The Reserve at Hudson Crossing, a multi-story, mixed use development on the site, including residential units, a public parking deck, and commercial space on Washington Street. The development is expected to include the reconstruction of Jackson and Adams streets and public amenities to the streets and walkways adjacent to the development.
The village will prioritize attracting restaurants to the development, according to the statement.
“Revitalization of Downtown Oswego is one of our top priorities. In two short years, we approved our first TIF District and have now selected the developer that will finally end a decade of stagnation at the Alexander Lumber property,” said Johnson. "We are thrilled to be working with a prominent, experienced developer. Shodeen started in the Fox Valley and has completed successful projects in Geneva and St. Charles, to name a few, and now they have chosen to bring that expertise to Oswego's downtown."
Based in Geneva, Shodeen has been in the residential and commercial development and construction business for over 50 years. Over this period Shodeen has built a 1,800 acre planned development, over 1,000 apartment units, 5,000 single family homes, three hotels, restaurants, shopping centers, and 700,000 square feet of commercial retail and office space in the Fox River Valley area.
“Most people recognize Shodeen as being involved in developing and redeveloping the Fox River Valley in Kane County with such projects as River North, the Herrington, and Dodson Place. Downtown revitalization along with mixed use projects are certainly challenging, but they can be very rewarding for everyone in the community. We are excited to be considered and then chosen by the Village of Oswego to partner with them on the redevelopment of their downtown, especially at the site of Hudson Crossing. We believe that the village board and staff have the qualities needed in such a partnership. Over the coming months we look forward sharing with you the details of this development,” said Dave Patzelt, President, Shodeen Group, LLC.
If the board approves the agreement next Tuesday, Shodeen will have nine months to receive approval from the board for the development plan, preceded by a public hearing with the plan commission, and redevelopment agreement (RDA) approval from the Village Board.
The RDA will establish the development terms, including village incentives such as the use of TIF increment to help finance the project.
Recognizing that impediments exist to private sector development in the downtown, the board approved a TIF District last September as a financing vehicle to activate reinvestment in the downtown.
In December, the board purchased 59 S. Adams Street in order to accelerate, and ultimately control, the development of the property at a cost of $1,492,500. In January, 2017, staff solicited proposals from several area developers. The selection team recommended Shodeen Group, LLC as the preferred developer.
The village 2015 Comprehensive Plan envisions a transformative development at 59 S. Adams Street that will bring restaurants, retail, public parking, and new residential units to Downtown Oswego.
The Alexander Lumberyard closed in 2006 and there has not been a formal development proposal for the site since 2010.