Construction of a downtown Aurora building is underway. Invest Aurora, the city's economic development arm, has found a developer for the property at 55 S. Lake St.
After issuing an RFP, Invest Aurora awarded the property to the owner of the adjoining property to the north, formally 55 South Lake Street LLC.
The property was formerly a mattress company but after years of neglect the building was in a state a disrepair. The completed renovation will feature a total of six commercial units.
Building improvements will include a new facade, tuck-pointing, new second story windows, additional interior and exterior stairs and a private parking lot adjacent to the building. The revamped property will feature high ceilings, ample open space, and a garage door.
The developer believes that once completed the property will be ideal for artists' studio space. David Hulseberg, Invest Aurora CEO and president, is excited about not only cleaning up the building but also putting in viable businesses and providing additional space for local artists to create their masterpieces. The developer has also agreed to make upgrades to his neighboring property at 47 S. Lake St.
This project was made possible by the John C. Dunham Revolving Loan Fund which is administered by Invest Aurora. The program is aimed at assisting property owners in the downtown. Loans are issued from a pool of over $1.2 million to finance eligible property rehabilitation for projects that are not commercially bankable.
The total costs of the project at 55 South Lake St. amounts to $250,000. Invest Aurora has agree to finance $200,000 via the loan program. This is the third property in downtown Aurora to benefit from the loan fund.
Earlier this year Invest Aurora utilized the program to jump-start a mixed-use project at 30 N. Broadway and co-working space/business incubator at 56 S LaSalle.