City of Rockford Committee Approves Agreement for Luxury Apartment Complex

The Water Power Lofts will be at $18.4 million project, and some of those funds will come from the City of Rockford.

Link to video and original post here: https://www.wifr.com/2021/05/25/city-of-rockford-committee-approves-agreement-for-luxury-apartment-complex/?fbclid=IwAR3ioqq51uvtJXcP_tD64GLCWFOjOCMcuymZp991P8d08M7fgJN4jYIEj_s

By Kristin Camiliere

Updated: May. 24, 2021 at 10:14 PM CDT

ROCKFORD, Ill. (WIFR) – More luxurious living options could soon come to Rockford as one of the areas most prominent property companies looks to break ground on a major redevelopment project.

On Monday, Rockford’s Planning and Development Committee approved an agreement with Urban Equity Properties to bring a luxury apartment complex to the city.

“It’s really exciting to see because we’re pushing that envelope downtown and it’s expanding,” said Alderperson Tim Durkee.

The $20 million project would transform the vacant property at 700 S. Main St. into the Water Power Lofts which would feature 60 one and two-bedroom units.

“We’re excited about the entire neighborhood not just one property,” said Urban Equity Properties CEO Justin Fern. “This is the beginning of really getting the momentum rolling for the redevelopment of the entire neighborhood.”

However, not everyone is on board.

“My big concern is that it changed the TIF area that included part of my area, so part of my area is no longer in the TIF,” said Alderperson Linda McNeely.

TIF is a tool used by the city to finance public improvements and assist with private development projects within targeted neighborhoods. McNeely says certain blocks in her ward were removed, so other blocks could be added to include the property on S. Main.

“Owners of those properties are frustrated as well because they have been working to come up with a plan to move forward with those buildings and to do basically the same thing Urban Equity is doing with that building that the city redesigned the TIF to include it,” said McNeely.

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