Shodeen Group President Dave Patzelt couldn’t be happier that work is now complete on the second six-story building at The Reserve at Hudson Crossing luxury apartment complex in downtown Oswego.

“It’s just been a great can-do attitude of everybody involved,” Patzelt said during a ribbon-cutting ceremony on April 10. “Thank you very much. You have a great team here at the village.”

The new building at Adams and Jackson streets features 104 studio, one and two-bedroom apartments. 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. Instead, construction didn’t begin until last year.

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.

Patzelt said the Shodeen Group might be involved in more projects with the village in the future.

Oswego Village President Ryan Kauffman agreed.

“Hopefully there will be many more projects to come because it has been a fruitful relationship,” he said.

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 at Hudson Crossing overlooks Hudson Crossing Park and the Fox River.

The first building has 339 public parking spaces. The village owns both parking garages.

“There’s almost 500 parking spaces in these two buildings,” Kauffman said. “That should go a long way to alleviating some of the concerns that we have from residents about parking.”

Kauffman has said that developments like The Reserve at Hudson Crossing not only provide high quality housing, but also drive economic growth.

Last year, village trustees unanimously approved selling bonds not to exceed $4.3 million to fund the second 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.