The Reserve at Hudson Crossing, a luxury apartment complex in downtown Oswego, is poised to expand with the commencement of construction on its second building. Scheduled to begin by June 1, this development promises significant economic and infrastructural benefits for the community. Village officials have approved the necessary amendments to facilitate this ambitious project.

Transforming Downtown Oswego with Luxurious Living and Economic Growth

A Strategic Investment in Urban Development

The approval of the fourth amendment to the redevelopment agreement marks a pivotal moment for Oswego. With an investment of $28.4 million, the new 104-unit structure will not only enhance the skyline but also stimulate local employment. Dan Di Santo, Oswego’s Village Administrator, highlighted the substantial benefits of this investment. The project is expected to create numerous construction jobs and significantly boost residential offerings in the heart of the city.Moreover, the addition of a two-level parking garage with 123 spaces will alleviate parking concerns, providing residents and visitors with ample parking options. This infrastructure will support both the new and existing buildings, ensuring that all 436 parking spaces are efficiently utilized. The first building, which opened in February 2021, has already set a precedent with its six-story design, featuring 176 apartment units and 10,000 square feet of commercial space on the ground level.

Overcoming Challenges and Securing Financing

Despite initial delays caused by the global pandemic, fluctuating material costs, and rising interest rates, the Shodeen Group has successfully secured final financing for the north building. The stabilization of the construction market and favorable rental trends have paved the way for this milestone. Dave Patzelt, President of the Shodeen Group, expressed confidence in moving forward with the project, emphasizing that the final financial arrangements were in place.The completion of this building is anticipated by September 2026, generating an estimated $500,000 annually in tax increment financing (TIF). These funds will be crucial in covering the debt service on the $3 million bond issuance for the second parking garage and other eligible improvements. By the end of the TIF in 2040, the project is projected to yield an additional $600,000 in excess TIF increment, shared equally between the developer and the village.

Navigating Community Concerns and Reaching Consensus

While the majority of village trustees supported the amendment, some concerns were raised. Trustee Kit Kuhrt questioned the revenue-sharing arrangement at the conclusion of the TIF district, advocating for a modification to the terms. However, Patzelt maintained that the original 50-50 split was integral to the project’s financial viability. Trustee Tom Guist sought stronger assurances from the developer regarding the project’s timeline and execution.Ultimately, the board recognized the importance of the project and approved the amendment, balancing the need for progress with community feedback. The successful resolution underscores the collaborative effort required to bring such transformative projects to fruition. As construction moves forward, the community can look forward to a revitalized downtown area that blends luxury living with vibrant commercial spaces.

Economic Impact and Future Prospects

The Reserve at Hudson Crossing exemplifies the potential for urban renewal through strategic partnerships between developers and municipalities. Beyond the immediate economic benefits, the project sets a precedent for future developments in Oswego. The influx of residents and businesses will likely spur further investment, enhancing the overall quality of life in the city.In addition to the residential and commercial opportunities, the project’s success could attract more attention to Oswego as a desirable location for both living and working. The long-term benefits, including increased property values and a thriving downtown, promise a brighter future for the community. As the north building takes shape, it symbolizes a new era of growth and prosperity for Oswego.