A Yorkville developer has plans for a three-story building with a fine dining restaurant, offices and luxury apartments on the site of the demolished Old Village Hall in the heart of downtown Oswego.
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Village trustees are to vote Tuesday on a purchase and sale agreement with Imperial Investments for 113 S. Main St., located next to the Dairy Hut.
Village President Gail Johnson said the proposal is part of the village’s vision to bring restaurants and residential units to the heart of the community. Trustees approved a tax increment financing district in 2016 to encourage private investment in the downtown.
“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 in a prepared statement.
The Old Village Hall was demolished in 2015. The village vacated its offices in the building in 2008 when it moved into the new Village Hall at 100 Parkers Mill near Route 31 and Washington Street.
Johnson said the project is a continuation of the momentum that is happening on Washington Street, where Geneva-based developer Shodeen Inc. has plans for a mixed-used development with a restaurant, retail and luxury apartments as well as public parking on the former Alexander Lumber property.
Also, two Naperville restaurateurs have plans for a restaurant with outdoor seating at 63 W. Washington St.
Johnson said it also fits in with the village’s capital improvement plan for infrastructure improvements for Block 11 which is bounded by Washington, Main, Adams and Van Buren streets.
“This project, and the way it fits in nicely with what we have envisioned … is one more piece of the puzzle,” Johnson said.
According to village officials, Imperial Investments owns several properties in downtown Yorkville, including the building that houses Crusade Burger Bar. The developer selected the same interior design consultants for that building to do something with the restaurant in Oswego, village officials said.
Imperial Investments proposes a three-story building with a fine dining restaurant on the street level, office space on the second and luxury apartments with balconies on the upper level.
Pending approval of the purchase and sale agreement, Imperial will have four months to work with the village on a redevelopment agreement and have the site plan approved.
The redevelopment agreement would likely include a negotiated purchase price for the property which has a real estate listing of $60,000. The lot is compromised of roughly 9,200 square feet, according to village officials.
Village Administrator Dan Di Santo said the village has spoken with Imperial Investments in the past and talks resumed last month. During those talks, the village did convey its vision for restaurants and nightlife in downtown Oswego.
“Having the tax increment financing district and owning several key properties within the downtown allows the village to be selective about bringing in the right kind of development to achieve this goal,” Di Santo told The Beacon-News in an email. “We believe the proposed plan perfectly meets our vision for this property.”
Di Santo said the proposal further compliments plans for Oswego’s “restaurant row” with the existing Tap House Grill and Firehouse Pizza.
“We are thrilled that Imperial Investments plans to invest in Oswego. We are at a seminal point in our history and want to capitalize on the momentum …,” Di Santo said.
The village would like to see the developer break ground on the project in 12 to 18 months.