Riverwalk Apartments on East Capitol Drive.
Fencl/ Freeman Staff
— Residents have moved into two of the three buildings
of the Riverwalk Apartments as of April 1, Village
Administrator David Cox said.
added that the third building, a mixed-use structure,
should be finished sometime in the summer or early fall.
$12 million project began in Nov. 2015 and consists of 80
residential units and 4,000 square-feet of commercial
space, making the total floor area 80,000 square feet.
project is supported by the village’s tax Increment and
financing (TIF) 6, meaning approximately $700,000 was
provided by the village as outright grants in assistance
to infrastructure, demolition and for the development of
the pedestrian bridge that will cover the Bark River. An
additional $1.2 million was paid toward the project in tax
rebates and two parcels of land owned by the village were
also put toward the development.
apartments are expected to return approximately $8 million
to $10 million in
revenue to the downtown area.
the developer receives the permits necessary, construction
will begin on the pedestrian bridge in mid-July and is set
to finish three to four weeks after.