Oswego Opportunity School

Former Traughber Jr. High and Oswego School District 308 Opportunity School at 61 Franklin St. (Google image.) 

A former junior high school building in Oswego could becomes a senior housing complex.

The SD308 School Board discussed a bid return on the Old Traughber Jr. High School on Franklin St. at their meeting on Monday.

According to board documents, the district received one bid on the building parcel and parking lot from 3 Diamond Development who has proposed a repurpose of the building, creating approximately 50 one-and two-bedroom residences for seniors.

The firm also intends to preserve the space currently used by the Oswego Senior Center, which will receive minor upgrades. However, the Oswego Family YMCA who also operates in the building would move to a new location, according to the documents.

Board documents also indicate 3 Diamond Development would purchase the improved parcel for $2.1 million with a total budget of $17.5 million for the project.

The firm would fund the project through Low Income Housing Tax Credits with Illinois HUD, a loan with U.S. HUD and a TIF approval through the Village of Oswego.

The district received no bids for the 6.24 acres of vacant land adjacent to Route 71 or for both parcels combined.

The school board will now vote on the potential sale at their meeting on July 16.