Oswego, Shodeen finalize deal on downtown project
The Reserve at Hudson Crossing, a residential and commercial development, is planned for the property in the village's downtown core next to the 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, a re-imagined streetscape with benches and lighting, plus two levels of public parking that will create 506 spaces for residents and downtown shoppers.
The village's contributions to the project total approximately $7 million though TIF-funded projects, and includes the initial land purchase, as well as the complete reconstruction, infrastructure improvement, and redesign of Harrison, Jackson and Adams streets.
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.
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.
This is a transformative project that will be a catalyst for additional development in our downtown. The Reserve at Hudson Crossing is about enhancing the identity of our community," said Village President Gail Johnson. "Residents and business owners have asked for a vital, thriving downtown. Now, we are one step closer to making our shared vision possible,"
The Oswego village board is expected to officially approve the deal Dec. 11. The project is expected to begin approximately one year later. and move-in for the project is expected by fall 2021.