Economic Growth Corporation (GROWTH) invites members of the community to learn about updates on the Northside Lofts by attending a free community meeting from 5:30-6:30 p.m., Thursday, February 13, at the Mercer County VFW. GROWTH is the non-profit developer seeking to redevelop the former Aledo High School/Junior High School at 205 N College Avenue.
Community members are encouraged to actively participate in the meeting. The agenda will include updates on community revitalization efforts, an overview of the project, and an open forum on community needs assessment. Attendees will also have the opportunity to discuss and provide input and contribute to a design charrette aimed at shaping the vision of the development. This session offers a platform for community members to share their ideas, concerns, and feedback, helping to ensure that the project aligns with the needs and aspirations of the local community.
Northside Lofts is a workforce housing initiative designed to support the City’s Community Revitalization Strategy. The redevelopment will provide 30 modern, energy-efficient apartments for individuals and families who wish to live near local businesses, services, and growing community amenities. Built in 1922, the property has remained vacant since 2003. GROWTH’s vision for Northside Lofts involves transforming the historic three-story building into modern rental housing while preserving its architectural and historical elements. A new construction wing will be added. The development will feature 30 units, including studios, one-bedroom, and two-bedroom apartments, incorporating green building practices to enhance sustainability and long-term affordability for residents. The units will feature Energy Star appliances, ceiling fans and have advanced green building certifications throughout the development to keep tenant utilities low. The gym will be transformed into a multi-use community center, internet café with co-working space, fitness room, bike share program, and a traditional game lounge. Exterior amenities include a playground, basketball/pickleball court, community garden, and green space. The property will offer 43 parking spaces, including two electric vehicle (EV) charging stations, ensuring convenience for all residents.
The total project costs will exceed $16.4 million and involve a complex financing application to the Illinois Housing Development Authority. This will be GROWTH’s fourth attempt at the highly competitive financing that is disbursed statewide to both metro and non-metro projects. Northside Lofts falls within the non-metro category, making it even more competitive. Developments of this type include multiple layers of financing that go beyond traditional debt.