A planned Lockport apartment complex will likely be a reality by 2020.
City council members Wednesday night were presented with a revised annexation agreement and a development plan from Highland Ridge Apartments for a 240-unit apartment complex that will include a pool and a fitness facility.
The complex will be located at 143rd Street and Archer Avenue, west of Interstate 355. It will offer 120 one-bedroom and 120 two-bedroom apartments. The complex will consist of 12 buildings with 20 units.
The rent is expected to range from $1,400 to a little over $2,000, Tim Grogan, of Equibase Capital Group, told city council during the committee of the whole portion of its meeting Wednesday night.
“We’re excited to finally move forward,” Grogan said.
The original annexation agreement had been approved in early 2015 but the developers were unable to move forward with the development until now due to financing issues and market condition changes, City Administrator Ben Benson said.
According to the memo attached to the development plan, the complex is now moving forward with financing from the U.S. Department of Housing and Urban Development.
The city will give Highland five years to complete the project, but Grogan said they expect it to be done in about two years.
Construction is expected to start at the end of this year, Benson said.
The plan includes five commercials lots on Archer Avenue, which include a hotel and gas station pad. However, Highland has not named any specific potential businesses, Benson said.
As part of the agreement with the city, the developer will build a regional lifting facility and infrastructure to accommodate the city’s capital improvement plan for commercial growth in the area. The facility's cost is expected to be about $1.1 million, which the city will credit from the $2.25 million developer fees that are part of the agreement.
The city approached Highland to build a facility that is bigger than what the apartment complex would need “so we can support more growth opportunities on the I-355 [and] 143rd [commercial] corridor,” Benson said. “This would formalize the commercial corridor on Archer that we envision.”
The city council will vote on the two measures at its May 16 meeting.
Lockport to improve railway crossing safety with new state grant
The city plans to use a grant of just over $1 million from the Illinois Department of Transportation to make safety improvements at three of its 14 railroad crossings, Benson said.
The improvements include:
• Signals and pedestrian gates on the 13th Street crossing, at the Metra Station, of the Canadian National tracks;
• Pedestrian crossing signals and a gate system on the Eighth Street crossing of CN, near the Public Landing Restaurant, 200 W. 8th St.;
• Pedestrian crossing signals and a warning system on the West Ninth Street crossing of the Burlington North Santa Fe tracks.
The improvements are scheduled to be installed later this year, Benson said.