A new luxury apartment project would be built between Roosevelt Drive and a proposed extension of Richfield Way as part of the village's major redevelopment of an old factory site, according to plans unveiled Tuesday.
The 331-unit Richfield Way Apartment Complex development is proposed by Fiduciary Real Estate Development Inc., according to village staff documents.
According to a report presented to the Plan Commission on Tuesday, the area includes land located south of State Highway 41/45 between Pilgrim Road and Water Street to the north of Roosevelt Drive. The area has been “the prime focus of village redevelopment efforts,” staff reports say.
The conceptual design includes the following:
- seven new luxury apartment buildings;
- a two-story clubhouse;
- an outdoor swimming pool;
- two large storm water detention ponds;
- and two access points
The development would consist of three three-story buildings, two with 45 units and one with 33; and four four-story buildings with 52 units total.
The development would have a mix of nine studio, 128 one-bedroom, 144 two-bedroom and 50 three-bedroom apartments.
The village has been aggressively trying to redevelop the area, which was once the site of the old Stolper/Western Industries factory, because the area was becoming “increasingly blighted” with older industrial structures and environmental concerns.
To remedy that, the village had previously created a Neighborhood Plan that envisioned both commercial and residential redevelopment, along with new roads to help it along.
The area is part of a tax incremental finance district.The village earlier this year completed a major environmental remediation project at the site. In April, the village purchased a 17-acre site within a taxing district from Western Industries – or commonly known as the former Stolper Steel site — and invested $4.7 million to raze and clean the soil. The soil was contaminated with hazardous levels of trichloroethylene, and remediation was necessary before any development moved forward.
As part of the TIF, the village will invest some $30 million throughout the entire taxing district along Highway 41/45 and Pilgrim Road. The village will reimburse its upfront costs over 27 years with incremental tax values generated from new construction. The entire taxing district is expected to add some $80 million to $120 million in tax value once all development is completed in the district. Any excess revenue from the project will be distributed amongst all taxing entities in the Falls.
Previously, the village entered into an agreement with Cobalt Partners LLC, in which the village agreed to extend Richfield Way from Pilgrim Road to Water Street. For its part, Cobalt would develop multi-family apartments south of the proposed road extension. In 2011, Cobalt successfully sought a rezoning from commercial and medium density residential to high density. The Fiduciary conceptual design is part of that effort.
More detailed reviews by various city departments will commence when the developer submits more specific plans. No formal action was taken at Tuesday's meeting because the proposal is conceptual in nature.