Rockford City Council approves deal to redevelop vacant warehouses to downtown living spaces
By Kevin Haas
Rock River Current
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ROCKFORD — City Council members on Monday voted to approve a deal that helps pave the way for a pair of vacant downtown warehouses to be transformed into new apartments.
Aldermen voted 12-0 to approve a tax increment finance district agreement with CG Cedar Street LLC, the developers of the project.
The deal will help developers pay to turn the vacant Condon–Shumway Seed Company building, once home to one of the largest seed companies in the world, and the vacant Mack Paper/Bartlett building into a combined 65 apartments. Studio GWA architects is developing the apartments, which will be managed by Gorman & Co. once finished.
Both buildings are located along Cedar Street on the southern edge of the city’s downtown.
Background: Vacant downtown Rockford could be trendy new living spaces
Under the agreement, the Amerock Hotel TIF District will grow to include the two properties. TIF districts capture increases in property taxes that come from higher property values spurred by redevelopment into a special fund. In the deal, the city will give back 100% of that increased tax revenue to developers. The total amount is estimated at $1.4 million over the life of the TIF, which expires in 2041.
The roughly $18 million development will cater toward artists and entrepreneurs with first floor commercial and gallery space.
There is no date set for when construction would begin, but developers hope to open the apartments in 2023 or 2024.
This article is by Kevin Haas. Email him at khaas@rockrivercurrent.com or follow him on Twitter at @KevinMHaas.
