Final plans approved for $70 million downtown Aurora apartment complex – Chicago Tribune
Aurora has approved final plans for a 246-unit, $70 million apartment complex on North Broadway downtown.
The DAC Developments, LLC project is located between the east bank of the Fox River and Broadway, and between Jake’s Bagels and the Aurora Township building.
In fact, approval recently came before the City Council’s Building, Zoning and Economic Development Committee. If an appeal had been lodged before May 18, it would have been addressed to the entire city council. But that didn’t happen, so the final plans were approved.
Last year, the full city council approved preliminary plans and zoning changes for the project.
The board also last year approved an incentive agreement for the project.
The redevelopment agreement with DAC allowed the city to donate approximately $6.7 million in incentives towards the project.
DAC Developments is committing about $11 million of its own equity to the project and would secure a loan of about $50 million.
Under the development agreement, the city would provide DAC Developments with an initial repayable loan of $963,000 and another of approximately $2 million this year.
Some of the money the city will contribute will come from a tax-raised fundraising district the city is establishing on the property.
Called the TIF District of East River Bend, city officials began the creation process several weeks ago. The town hall should actually set up the TIF district this summer.
DAC Developments is known for its suburban apartment complexes with plenty of amenities — things like tenant cafes, a bike shop, pools, and same-story parking — in places like Wheeling and Des Plaines.
One of the things the building will have in Aurora that is not found in other developments is a pool courtyard that would be open, creating a view of North Broadway over the Fox River and its shoreline.
Along the river, the developers would create an open space that would include a kind of park, while running the Fox Valley Park District Bike Path through it.
The development will mainly consist of studios and one-bedroom apartments, although around 40 units will be two- and three-bedroom apartments. The building will be five stories high, with private balconies on approximately 45% of the units.
There will be 310 parking spaces in an indoor parking lot that will be provided for people to park at the same level as their accommodation.