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The proposed Legacy Lofts development. 📸 Credit: St. Charles Committee of the Whole agenda document
A St. Charles developer is asking the city to hand over a vacant downtown lot at no cost as part of a plan to build 12 apartments on the last undeveloped parcel of the First Street Redevelopment project. The property was appraised at $340,000.
The Committee of the Whole heard the concept on May 4 but took no vote. Council members were divided on whether the public giveaway makes sense given the city's tight budget.
Here's what to know:
The project: Bob Rasmussen (the developer behind much of First Street, including the ALE, Sterling, and Riverloft buildings) proposed a four-story building called Legacy Lofts at 122 S. 2nd Street, at the corner of Illinois Street and Route 31. The building would have 12 residential units across the upper three floors, with two-bedroom units renting at $2,400/month and one-bedroom units at $1,900/month.
The developer’s ask: Beyond the free land, Rasmussen is requesting that the city cover streetscape improvements along Indiana and 2nd Street, estimated at $75,000 to $100,000. The developer estimates cost of construction at $3.2 million with a market value of $3.5 million.
Why some officials are hesitant: Several aldermen pushed back on giving away taxpayer-owned land, with one noting the city recently debated cutting staff raises to save less money than this property is worth. Others were supportive, pointing to years of vacancy and the developer's strong track record on First Street.
Proposed timeline: Rasmussen is targeting a November 1, 2026 groundbreaking and a November 2027 completion — but said he needs a clear answer soon before spending another $40,000–$50,000 on detailed design plans.
Designed by architect Dan Marshall, the structure is modeled after the nearby Baker Hotel and Baker Center to blend with downtown STC's historic character. If approved and built on schedule, Rasmussen said it would close out a First Street Redevelopment project he started more than 20 years ago.
Learn more in this agenda document and watch the full committee meeting recording.
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