Rockford to extend deadline to reach deal on Barber-Colman redevelopment for 2nd time

By Kevin Haas
Rock River Current
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ROCKFORD — The city is extending its self-imposed deadline for a second time to reach a deal with developers to transform the vacant Barber-Colman property into hundreds of living spaces and multiple shops.

City Council members approved a plan to sell the sprawling south-side complex to Milwaukee-based J. Jeffers & Co. for $500,000 in October 2021, and then in March it extended its initial deadline to complete a redevelopment deal and finalize a purchase from April 6 to Dec. 1.

Now, the city plans to extend the deadline to March 1.

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“We just need a little bit more time. We don’t feel any less optimistic today than we did three weeks ago,” Mayor Tom McNamara said. “We feel very optimistic that we’ll be able to get it done, but we just need some more time to fine tune the capital stacks and proposals.”

The total project is expected to cost roughly $400 million. It will be financed through a mix of public and private funding, including River Edge Historic tax credits, a tax-increment finance district and revolving loan funds. The redevelopment deal will lay out the developer’s commitment and the city’s contributions to the project.

Members of the City Council’s Finance and Personnel Committee voted unanimously Monday night to approve the extension. It will also need approval from the majority of City Council next week.

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McNamara said that inflation and rising interest rates have added challenges to the deal, but it’s still headed the right direction.

“We’ve been really thrilled with the conversations we’ve been having with J. Jeffers, they’ve been moving forward,” McNamara said. “Obviously there are a lot of moving pieces with such a transformational development.”

Developers have said they hope to start construction next year on the ambitious multi-year venture to create 964 living units and roughly 130,000 square feet of commercial space. The project consists of redeveloping 10 blighted buildings that were constructed between 1907 and 1948. Developers will also build new townhomes, mixed-used buildings and parking garages in front of the property.

City Council members voted Nov. 7 to approve a special-use permit for the development. Alderwoman Linda McNeely was the lone no vote.

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This article is by Kevin Haas. Email him at khaas@rockrivercurrent.com or follow him on Twitter at @KevinMHaas.