Rockford backs three downtown redevelopment projects

Jeff Kolkey, Rockford Register Star

City Council on Monday unanimously approved financial backing for three redevelopment projects in downtown Rockford.

The projects include the historic former Watch Factory, 325 S. Madison St., a building at 134 N. Main St., and State & Main, the Art Deco building at 213 W. State St.

Urban Equity Properties is working to renovate the long-vacant Art Deco building at the corner of North Main and West State streets.
Urban Equity Properties is working to renovate the long-vacant Art Deco building at the corner of North Main and West State streets.

Under development agreement with Urban Equity Properties, Rockford will provide a forgivable loan not to exceed $1 million for the renovation of the long vacant Art Deco building at the corner of West State and North Main streets.

The 11,770-square-foot building dubbed State & Main is undergoing a $4.1 million renovation. It will feature two commercial spaces on the ground floor and modernized loft offices on the second and third floors. It will also be supported with funds from a tax increment financing district and the River's Edge Redevelopment Zone.

Rockford has agreed to sell the historic former Watch Factory, 325 S. Madison St., seen Monday, April 22, 2024, to Oliver Emerson Development for $55,000. The developer plans to rehabilitate the building into 24 market rate apartments.
Rockford has agreed to sell the historic former Watch Factory, 325 S. Madison St., seen Monday, April 22, 2024, to Oliver Emerson Development for $55,000. The developer plans to rehabilitate the building into 24 market rate apartments.

Rockford will support Emerson Development's $7.2 million plan to redevelop the former Watch Factory built in 1875 into a 24-unit loft apartment building. Plans are for a mix of studio, one, two and three-bedroom market-rate units.

Under the development agreement, Rockford will provide a $620,000 loan from the Redevelopment Fund; a no-interest $1.4 million TIF District loan repayable over 23 years and repaid from property tax increment generated by the project; and state historic tax credits and sales tax exemptions via the state River Edge Redevelopment Zone program.

Oliver Emerson Development plans to rehabilitate the vacant 134 N. Main St. building seen Monday, April 22, 2024 into a mix of residential on the second floor and commercial space on the ground floor.
Oliver Emerson Development plans to rehabilitate the vacant 134 N. Main St. building seen Monday, April 22, 2024 into a mix of residential on the second floor and commercial space on the ground floor.

It would also support Emerson Development's plan to invest an estimated $6.7 million into redeveloping 134 N. Main St., a 100-year-old building, into a mixed-use building with 9 to 13 market rate apartments and an up to 10,000-square-foot commercial tenant on the ground floor.

The city will provide a $580,000 forgivable loan from the city's Redevelopment Fund; a no-interest $1 million loan from a new TIF district repayable over 23 years; and support from the state River Edge Redevelopment Zone program.

Jeff Kolkey writes about government, economic development and other issues for the Rockford Register Star. He can be reached at (815) 987-1374, via email at jkolkey@rrstar.com and on X @jeffkolkey.

This article originally appeared on Rockford Register Star: Rockford approves incentive packages for three redevelopment plans

Advertisement