by Lauren Sannito 42Fifty Staff Writer
The Board of the Village of Oswego approved the $64 million plan, on Monday, Feb. 12, to build luxury apartments, and to develop the downtown scene in Oswego. The project is called, The Reserve at Hudson Crossing, and the purpose behind the project is to bring more attention to the shopping and dining scene, and attract more residents. The project is set to be completed in 2021.
The project will include two, six-story buildings, starting at the downtown area to down by the Hudson Crossing Park, right on the riverfront. A total of 245 luxury apartments, and about 12,000 square feet of new restaurants and parking spots are included in the proposal as well. A new streetscape and parking spaces will be added as well. Originally the project was thought to be smaller, but it actually turned out to be larger than expected.
The Village will have about $20 million in assets, including the new parking deck being added. The Village will contribute about $7 million to the project, which will be available for reimbursement. Shodeen, Inc., the developer of the project, will be contributing $41 million as well, in traditional private financing.