Plans moving forward for new St. Charles apartment building
To complement the shops, restaurants, offices and residences that have revitalized the First Street corridor, St. Charles will expand its downtown housing stock with the development of a new apartment building.
By the fall of 2021, a grassy lot immediately east of the Blue Goose Market will be transformed into a four-story structure containing 21 apartments and a ground-level parking garage, according to an agreement recently approved by the city council.
The deal calls for conveying the city-owned property to R&B Development LLC, led by Bob Rasmussen and Rick Dahl, in exchange for its redevelopment. City officials also pledged to reimburse them for the cost of streetscape improvements, such as brick paver sidewalks and landscaping.
St. Charles' long-range vision for its First Street project has been brought to life the past few decades with the construction of mixed-use developments and public gathering spaces. Among the goals of the plan was to create more multifamily housing that would draw residents downtown, generate foot traffic and support nearby businesses, said Russell Colby, assistant community and economic development director.
Previous project phases have included some residential options, such as affordable rental apartments to the south and condominiums in the recently constructed buildings along the Fox River. But so far, the First Street corridor has seen fewer housing units than originally planned, he said, and nothing like the market-rate rentals proposed by R&B Development.
"This was an opportunity to bring in a different type of unit that hasn't been constructed yet within the project," Colby said.
The apartment building - an estimated $4.5 million investment - is expected to include 15 one-bedroom and six two-bedroom units, built above 19 parking spots designated for residents.
Preliminary plans for the site were given the green light by the city council last week, and construction is slated to begin in October.
Once the development is completed, aldermen have requested the city re-evaluate its management of nearby public parking.
"There's a very limited supply of parking in the general area around this building," Colby said. "We'll need to ... make sure the availability is balanced with the needs of different businesses and residents."