These days, prime real estate along the Fox River is hard to come by.

As part of a larger $4.3 million downtown revitalization project, the city of Yorkville is trying to spur redevelopment of the Greiter Building, 123 E. Hydraulic Ave.

Located adjacent to Southbank Original Barbecue, the building is in prime vantage of drivers crossing the bridge over the Fox River on Illinois Route 47.

The building currently is under contract with The Williams Group who have expressed desire to redevelop the site.

As described in city documents, The Williams Group told the city “the ability to proceed in the future with any project will require Tax Increment Financing assistance and a TIF extension.”

The City Council will be considering a TIF inducement resolution for the building during its May 12 meeting.

“Plans are currently being formulated for the development of the property, but are not available at this time,” the city said.

A tax increment finance district is a development tool local governments use to encourage development or redevelopment that would be too expensive to improve with private dollars alone.

It diverts increased sales or property taxes generated to pay for specific to improvements within the district. A TIF can last up to 23 years.

City Administrator Bart Olson said in city documents the TIF resolution “makes no guarantee as to the amount or type of assistance to the owner, as these items will get negotiated with the city at a later date.”

The city must still officially approve plans to redevelop the property.

Piece of a larger project

The city has already taken strides toward its $4.3 million downtown Hydraulic District renovation project.

Last year, the city was awarded a $3 million Illinois Transportation Enhancement Program grant to revitalize the area, including new walking and biking paths, improved safety features and aesthetic improvements, like outdoor lighting and decorative pavers and entryways.

The improvements are part of the Streetscape Project, which city planners hope will someday spur mix-use residential and commercial developments near the Fox River.

A music stage, an events plaza, and renovated businesses and walkways are all part of the vision for a rejuvenated downtown district.

With the $3 million grant, the city is investing $1,310,300 in matching funds for the multi-year project, according to city documents.

Engineers are creating a one-way street with a multi-use, pedestrian and bicycle path along East Hydraulic Avenue. A sidewalk is being extended along Mill Street and Heustis Street out to East Van Emmon Street.

A hardscape fence barrier with landscaping elements is likely being placed near the railroad tracks.

Before construction begins, the area is undergoing an environmental hazard cleanup to remediate soil pollution from decades of agricultural and industrial usage of the FS Property in the downtown district.

A large portion of the downtown area currently features a public parking lot, which was first paved in 2000.

As part of the rejuvenation project, the parking lot would be scaled-down with expanded parking spaces placed in adjacent areas, including along the river.

City staff currently are estimating the first letting for the multi-year project to be in November 2028.