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Rendering of the proposed Legacy Lofts development. 📸 Credit: St. Charles Committee of the Whole agenda document
After sitting empty for two decades, the city-owned lot at the corner of Illinois Street and Route 31 in downtown St. Charles is one step closer to redevelopment.
The city’s Committee of the Whole recommended approval of an agreement with a local developer for the construction of a four-story, 12-unit apartment building at the site. The project is part of the ongoing First Street Redevelopment plan.
Here's what to know:
Project overview: City documents show that the building, called “Legacy Lofts,” will feature three floors of apartments above parking on the ground floor. Units include one-bedrooms renting around $1,900 a month and two-bedrooms around $2,400. The structure’s design aims to fit in with the nearby Baker Center and Post Office buildings.
A familiar developer: The developer group is led by Bob Rasmussen, who’s behind several other First Street buildings, including the ALE, Sterling, and Riverloft buildings, plus the 333 Lofts near Whole Foods. It was the only development group to respond to the RFP.
Tax implications: City documents show an estimated $100,000 in property tax revenue is expected in the complex’s first year, with increases expected over time. Almost all property tax increment generated by the development will go to the First Street TIF District fund. Being city-owned, the site generated $0 in property tax revenue over the last 20 years.
Agreement details: The developer will need to purchase the property for $100,000 and construct streetscape improvements. The city will need to install $49,000 worth of new electrical infrastructure and fund the streetscape work with the First Street TIF.
According to city documents, work has to start by May 1, 2027, and the building needs an occupancy permit by the end of that year.
The building still needs sign-off from the Historic Preservation Commission and final PUD preliminary plan approval from the city before it moves forward.
Read more about the project in this city agenda document (beginning on page 28) and watch the full meeting recording.
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