On Monday afternoon, Shodeen, Inc. of Geneva closed on the sale of the former Alexander Lumber site in Oswego, the vacant land for The Reserve at Hudson Crossing. The previously village owned property is now owned by Shodeen.
For the past two months the village provided extensions to Shodeen for finalizing the financial aspect. Phase one construction was expected to start in May, according to information at February’s ground-breaking ceremony.
Financing is secured, permits have been issued and construction is now expected to begin in early November and public improvements should be completed by November 2020.
Now the closing will allow the $69 million redevelopment site to continue in phase one of two buildings off the downtown in a tax increment financing or TIF district.
In addition, the closing allows the village’s public improvement projects of water and sewer pipes, sidewalks, and three reconstructed streets, Adams, Harrison, and Jackson.
The Reserve at Hudson Crossing will feature over 280 luxury apartments when completed. Officials say the first phase will have 175 apartments, a 320 space public parking deck and 10,000 square feet of restaurants and shops.