Shodeen Group gets OK to start $64M downtown Oswego project
Geneva-based Shodeen Group has gained approval to build The Reserve at Hudson Crossing, a residential and commercial development in downtown Oswego.
Village officials said the $64 million development is designed to bring more residents, shops and dining, parking, and a more charming downtown experience to the vacant lot that was once the site of the former Alexander Lumber yard.
The proposal includes two six-story buildings situated between the village's downtown core and its riverfront Hudson Crossing Park. In addition to 245 luxury apartments, The Reserve will include 12,000 square feet of new restaurants and shops along Washington Street (Route 34), a redesigned streetscape with benches and lighting, plus two levels of public parking that will create 506 spaces for residents and downtown shoppers.
By combining the lumberyard site and adjacent properties to the north, the project will be larger than initially anticipated for the site.
The village's contributions to the project total approximately $7 million, all of which is eligible to be reimbursed to the village through future TIF-funded projects, and includes the initial land purchase that made the deal possible, as well as the complete reconstruction, infrastructure improvements, and a redesign of Harrison, Jackson and Adams streets, which are aging and in need of repair.
To back the construction of the publicly owned parking deck, the village will additionally issue a $16 million bond to be repaid by Shodeen through incremental property tax payments.
At the end of the project, the village will own the parking decks, and, along with the street reconstruction project, the village will acquire assets worth approximately $20 million.
Shodeen will contribute a total private investment of $57 million, split between $41 million in traditional private financing and $16 million in TIF increment property taxes.
Officials said it will take approximately one year to break ground, and move-in is expected by fall 2021.