Street closures in downtown Oswego begin as construction of second Hudson Crossing building set to start

Starting Wednesday, portions of two streets in downtown Oswego will be closed as work is set to begin this week on the construction of the second building at The Reserve at Hudson Crossing luxury apartment complex.

Westbound Jackson Street between Adams and Harrison streets will be closed along with Adams and Harrison streets north of Jackson. The 104-unit building will be built on a vacant lot at the northwest corner of Adams and Jackson streets.

On Thursday, a construction fence will be set up and site excavation will begin Friday. Concrete foundation work is set to start on March 31.

Motorists are being asked to follow the posted detours and allow extra time when going through the downtown. The Shodeen Group opened the first building at The Reserve at Hudson Crossing in February 2021.

It is a six-story building that has 176 apartment units on the upper floors along with 10,000 square feet of commercial space for restaurants and shops on the building’s ground level that fronts Washington Street. Construction on the second building, or north building, had been expected to begin in February 2023, with substantial completion by August 2024.

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.

“Now that the construction market and pricing have stabilized, rental rates have risen and notably, interest rates have come down, Shodeen is happy to report that they do have final financing for the second building finally,” Oswego Village Administrator Dan Di Santo told village trustees in January. “And they are ready to build.”

During the Jan. 21 Oswego Village Board meeting, the majority of village trustees approved a fourth amendment to the redevelopment agreement between the village and Reserve at Hudson Crossing LLC so the project could move forward.

A two-level parking garage with 123 spaces also is part of the plans. The village would take ownership of the parking garage after it is constructed.

The parking deck would have four levels of residential units above it. The first building also has a parking garage.

Overall, there will be 436 parking spaces in both parking decks in addition to 97 surface parking spaces between the two buildings.

“Staff believes there are numerous benefits to this project,” Di Santo told village trustees. “$28.4 million is the cost to construct this building. We believe to have that much investment in downtown Oswego is a great benefit to the downtown. It’s going to create numerous construction jobs. It’ll add 104 residential units.”

The second building is expected to generate $500,000 annually in tax increment financing that will be used to pay the debt service on the net $3 million bond issuance to fund the second parking garage and other TIF eligible improvements, Di Santo said.