The Oswego Village Board has approved an agreement for a development with a restaurant and apartments that officials call a “critical piece” of the town’s downtown revival.
A Yorkville developer will build a three-story building with a fine dining restaurant, offices and luxury apartments on the site of the demolished Old Village Hall in the downtown.
“It is amazing to me that we sat here less than three years ago when we started this ball rolling and all of the projects are in the pipeline. It’s great,” Village President Gail Johnson said.
Trustees unanimously approved an ordinance authorizing the approval of a purchase and sale agreement with Imperial Investments for 113 S. Main St., located next to the Dairy Hut.
Oswego Economic Development Director Corinna Cole said the village has aggressively marketed the property for more than a year.
“It is a critical piece to our downtown redevelopment efforts,” Cole said.
Trustees approved a tax increment financing district in 2016 to encourage private investment in the downtown.
“The project is consistent with our comprehensive plan and supports the objectives of our TIF District and downtown goals,” Cole said.
Village officials said the plans for 113 Main St. are part of a “string of developments” in downtown Oswego that have happened recently.
The Oswego Brewing Co. repurposed a space and opened for business in mid-May. The village recently approved Market 7, a wine bar concept of Oswego entrepreneur Macy Brooks. Brooks initiated the village’s Beats and Eats, a concert series with food trucks during the summer months.
Johnson had said in the village’s announcement of the development of the Old Village Hall site that the establishment of the downtown TIF District, redesigned economic development incentive program and aggressive marketing of village-owned properties has helped move downtown development forward.
According to the village’s announcement, the efforts are part of “a larger strategy to strengthen Oswego’s local economy from the inside-out.”
“We’re working hard to reinvigorate downtown as a place where residents can shop and dine and where neighbors can gather and enjoy a sense of community,” Johnson said.
The approval of the purchase and sale agreement gives Imperial Investments four months to work with the village on a redevelopment agreement.
During the 120-day inspection period, Imperial will perform due diligence and produce preliminary site plans for review by the Oswego Plan Commission and approval by the Village Board.
The redevelopment agreement will include a negotiated purchase price for the property which has a real estate listing of $60,000. The lot is comprised of roughly 9,200 square feet, according to village officials.
Village Administrator Dan Di Santo said staff has spoken to Imperial in the past and talks resumed last month. During those talks, the village did convey its vision for restaurants and nightlife in downtown Oswego.
According to Di Santo, the redevelopment agreement will define and finalize development plans, establish the use of any village incentives and allow Imperial to close on the property.
“Most importantly, the redevelopment agreement will include surety that what is promised will be built in an agreed upon time frame,” Di Santo had told The Beacon-News.
Imperial Investments is managed by Rick Tollefson, founder and owner of Yorkville-based Boombah Inc., a sporting goods and apparel company. The developer owns numerous properties in downtown Yorkville, including the building that houses Crusade Burger Bar.
Oswego would like to see the developer break ground on the project in 12 to 18 months.
