ROCKFORD — A $772,000 state grant will defray some of the $22 million price tag for what is expected to become downtown's first new residential building in decades.
Davenport, Iowa-based Bush Construction is working with the Rockford Public Library to develop a six-story building on property north of a new library expected to open in 2022 at 227 N. Wyman St.
The project is one of 11 "shovel ready" projects that Gov. JB Pritzker on Thursday announced would be getting a share of $11 million in Rebuild Illinois capital funds to support economic development across the state.
"By giving these initiatives the upfront and transformative funding boost they need to move forward, we're spurring a chain of new public and private investments aligned with what the community wants to see," Pritzker said in a news release. "I want to zero in on that, because it's a cornerstone of this effort: we're investing in projects that fit the economic development plans for each region, maximizing the long-term return on local investment."
In Rockford, the 146,000-square-foot, mixed-use building plans call for a riverfront restaurant, retail space, underground parking and 85 apartments.
Rockford City Council in January agreed to support the project with up to $4.5 million in public subsidies via a Tax Increment Financing District.
The residential project near the library "makes for smart use of prime riverfront," state Sen. Steve Stadelman, D-Rockford, said in the release.
"I'm excited this project is shovel-ready and now will be supported with Rebuild Illinois funds," Stadelman said. "I look forward to the opening of the new library campus."
