Construction of Uptown 500 development in Wheeling could begin this summer
Construction on the newest development in Wheeling's burgeoning downtown could begin this summer.
Uptown 500, a $90 million apartment building with space targeted for restaurants, will be built at the northwest corner of Dundee Road and Northgate Parkway. The six-story structure will include 321 apartments and 10,500 square feet of commercial space.
The village board finalized a redevelopment agreement Monday that gives developer DAC Developments nearly $7 million in incentives to complete the project.
"This is the third large development in our newly-established town center area, and we're very excited to see continued progress here," Village President Pat Horcher said in a news release. "The Uptown 500 (redevelopment agreement) represents many months of hard work, and the board and I are pleased to see this project take the next step toward fruition."
With the Northgate Crossing apartments and townhouses completed to the north and the Wheeling Town Center under construction across the street, Uptown 500 is another significant part of the village's first downtown. The three developments will bring a combined 900 apartments to the area.
The agreement stipulates that construction will begin by March 2019 and finish by September 2021. However, developers say the project will start sooner, with a groundbreaking this summer and vertical construction taking shape in the fall.
Under the agreement, the village will provide $6.5 million in tax increment financing, or TIF, for the project. Increased tax revenues generated by new developments in TIF districts are diverted to a fund used to help pay for improvements within the area.
The incentive package also includes a value of $495,500 in detention storage and compensatory storage credit.
Developers usually are required to either build infrastructure for stormwater drainage and storage or pay the cost for using space in the village's infrastructure, such as lakes or detention ponds. In this case, the village won't make the developers pay that cost.
The village also is entering a three-way partnership to build additional right-hand turn lanes on southbound Northgate Parkway at the busy intersection with Dundee Road. The village and developers of Uptown 500 and the Wheeling Town Center -- which is located at the southeast corner of the same intersection -- will share in the cost.
Under this agreement, the village will contribute up to $225,000 for the road project.