Downtown Oswego now has another 104 luxury apartments as work is complete on the second building at The Reserve at Hudson Crossing.

A ribbon-cutting ceremony for the Shodeen Group’s new building is set to take place April 10. The new building at Adams and Jackson streets features 104 studio, one and two-bedroom apartments.

A two-level parking garage with 123 spaces also is part of the project as well as a conference center and rooftop deck. The Reserve of Hudson Crossing overlooks Hudson Crossing Park and the Fox River.

The first building at The Reserve at Hudson Crossing, which features 176 apartments, opened in 2021. Construction on the second building, or north building, had been expected to begin in February 2023, with substantial completion by August 2024.

The delay on the second building was caused by various factors, including the COVID-19 pandemic, sharp increases to the price of construction materials and labor and rising interest rates.

“This project is a key part of our vision for the downtown, creating modern living spaces, attracting new residents and bringing even more energy to our downtown,” Oswego Village President Ryan Kauffman had said during a groundbreaking ceremony for the second building in March 2025. “Developments like this not only provide high quality housing, but also drive economic growth, encouraging new businesses to join our downtown.”

The village owns the new parking garage. Last year, village trustees unanimously approved selling bonds not to exceed $4.3 million to fund the parking garage.

“That would produce the $3 million that the village would reimburse the developer for the construction of the garage,” Oswego Finance Director Andrea Lamberg had said. “The repayment of these bonds would come from increment generated solely from the building, from the development. So the repayment of these bonds is not coming from village money, it is coming solely from the development itself.”

The project is in a tax increment financing district that is set to expire in 2039.

TIF districts dedicate sales tax revenues and additional property tax revenues generated within the TIF for improvements within the district to encourage new economic development and job creation.

Funds may be used for costs associated with the development or redevelopment of property within the TIF.