Jeff Kolkey
Rockford Register Star
A multi-year plan to transform a former industrial campus into a thriving $400 million mix of apartments, townhomes and businesses took a step forward this week.
In a letter to Rockford officials, Milwaukee-based J. Jeffers & Co. informed the city that it intends to follow through on a $500,000 purchase agreement and buy the blighted 22-acre former Barber-Colman site off South Main Street in the 1200 block of Rock Street.
However, the sale still isn't a sure thing.
City Administrator Todd Cagnoni said Rockford continues to negotiate with J. Jeffers on a development agreement that would spell out exactly what the company would build and what kind of tax incentives and assistance it would need from the city to make it happen.
Any agreement would require City Council review and approval ahead of a closing.
The acceptance notice comes despite continuing supply chain issues and inflation that is driving up the cost of construction projects.
"This is a huge step," Cagnoni said. "I give kudos to J. Jeffers. They have been working on a lot of items in good faith and certainly have been transparent with us throughout the process."
The due diligence period had been delayed twice before. Acceptance signals that if a development agreement can be reached, J. Jeffers plans to proceed with the massive project it dubs "Colman Yards," a mixed-use community of apartments, townhouses, three flats, parking decks and retail establishments.
It would be developed over nearly a decade in phases and eventually include 964 market-rate residential units.
What the first phases would entail is a moving target as costs continue to rise, but J. Jeffers is targeting a spring groundbreaking, Cagnoni said.
Jeff Kolkey can be reached at (815) 987-1374, via email at jkolkey@rrstar.com and on Twitter @jeffkolkey.
